Potomac, MD — August 19, 2025 — Foulger Pratt, a privately owned real estate development and investment firm, in partnership with PCCP, LLC and Tryline Capital, has acquired 1,110 units across three multifamily communities from AvalonBay Communities, a publicly traded REIT. This marks the first phase of a four-property portfolio acquisition, with an additional 138 units scheduled to close in the coming weeks. The acquisition strengthens Foulger Pratt’s presence in the Washington, DC market, bringing the firm’s portfolio to 2,904 multifamily units in the District of Columbia and 7,755 multifamily units nationwide.

The newly acquired portfolio totals 1,110 units built between 2003 and 2018. As of August 2025, the properties were 95% leased. Foulger Pratt plans to undertake a comprehensive value-add program, including targeted renovations and active asset management strategies designed to enhance both resident experience and long-term value. 

“This portfolio acquisition fits within our strategy of acquiring high quality multifamily assets in great locations at significant discounts to replacement cost ,” said Joe Clauser, Chief Financial Officer. “We have long believed in the strength and resilience of the Washington, DC market, and with new supply tapering off, we see significant opportunities for rent growth and long-term value creation.”

“We believe this transaction represents an opportunity to secure institutional-quality multifamily product in some of Washington, D.C.’s highest barrier to entry neighborhoods at a meaningful discount to recent trades,” said Lia Barsanti, Vice President at PCCP. “With market fundamentals in D.C. rebounding and minimal new supply coming online, we believe these assets are well positioned to benefit from strong rental demand. PCCP is proud to partner with experienced local operators like Foulger-Pratt who share our commitment to executing on this vision.”

“We are excited to partner again with Foulger Pratt to buy this diversified portfolio of high quality communities in a market with strong fundamentals”, said Jaryn Horner, Managing Partner at Tryline. 

Acquired properties include:

Avalon Gallery Place (203 units): An urban-infill multifamily community built in 2003 in Washington, DC’s Gallery Place/Chinatown submarket. Located one block from Capital One Arena and two blocks from the Gallery Place and Judiciary Square Metro stations.

Avalon First and M (469 units): Built in 2012 and located in the heart of the NoMa submarket. This community has a robust amenity offerings including unique features such as a fitness center with spin/yoga room, theater room, and a rooftop deck with a sauna. The property is adjacent to a Harris Teeter grocery store and one block from the NoMa–Gallaudet Metro station.

AVA NoMa (438 units): A contemporary multifamily property completed in 2018 and adjacent to Avalon First and M in the NoMa submarket. The community offers modern unit finishes, a rooftop pool and lounge, fitness facilities, and collaborative social spaces. It is two blocks from The Belgard, another Foulger Pratt property acquired in August 2024, and provides convenient access to the NoMa–Gallaudet Metro station and the neighborhood’s expanding retail and dining options.

About Foulger Pratt: Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multi-family residential and retail projects. by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. Foulger-Pratt is privately owned, led, and staffed by many of the industry’s most talented professionals. The firm’s culture has been carefully cultivated for the last half-century through deliberate effort to operate consistently in accordance with specific core values. The result is a reputation of unmatched integrity, accountability and vision. For more information, visit www.foulgerpratt.com.

About PCCP, LLC:  PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has approximately $26.8 billion in assets under management on behalf of institutional investors as of March 31, 2025.  With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $44.1 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

About Tryline Capital: Tryline is a real estate investment firm based in New York and Washington, DC. It invests in multifamily and residential mixed-use properties across the Mid-Atlantic region. Since launching in 2020, Tryline has invested in properties totaling nearly 4,000 apartment units. The firm seeks to partner with best-in-class local operators and its family office mindset gives it a long-term perspective and approach that helps to create differentiated investment opportunities. For more information, visit www.trylinecap.com.