Foulger-Pratt Buys College Park Mixed-Use Property For $63M
A four-year-old mixed-use development in College Park has just traded hands between two D.C.-area real estate companies.
Monument Realty sold the 235-unit Monument Village at College Park property to Foulger-Pratt for $62.7M, JLL announced Tuesday.
JLL's Capital Markets team of Walker Coker, Brian Crivella and Robert Jenkins represented the seller. Monument Realty completed the development at 9122 Baltimore Ave. in 2016.
The project consists of 235 apartments averaging 894 SF, plus 12K SF of amenity space and 4,800 SF of ground-floor retail. The amenities include a pool, an outdoor grilling area, a fitness center, a clubroom, a gaming room, a conference room, a coffee bar and a pet spa.
The building's retail space is occupied by thrift store Uptown Cheapskate, which opened last year. It sits at the intersection of Baltimore Avenue and Cherokee Street, less than 2 miles from the University of Maryland's flagship campus. It is also about a mile from the Beltway and 2 miles from the College Park Metro station.
The acquisition gives Foulger-Pratt its first property in College Park, according to its website. The Potomac-based developer owns a host of properties in suburban Maryland submarkets including Silver Spring, Wheaton, Bethesda, Potomac and Rockville.
