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ALEXANDRIA, VA-Foulger-Pratt Cos. has closed on a $26-million acquisition of an affordable housing apartment community here–one of several apartment sales that have closed or is pending in the DC area.

The property, called The Fields at Landmark, is a 290-unit garden apartment located on 8.75 acres next to the Landmark Mall. It has been operated as a Tax Credit community for the past 13 years.

Foulger-Pratt will preserve the property as an 
income and rent restricted community through the end of the tax credit compliance 
period, which lasts for another 17 years. The company is also investing $3.2 million in infrastructure upgrades. The total cost of the transaction, including the
 acquisition, renovation and closing costs, was $30.5 million. Foulger-Pratt did not return a call to GlobeSt.com in time for publication.

Foulger-Pratt has recently acquired and renovated other older apartment 
communities in the region–and is looking to acquire additional properties, according to Cameron Pratt, president. It raised private equity from
 family and business sources for the Fields at Landmark. “The equity raise for Fields at Landmark was over-subscribed, so we’re hard 
at work finding other acquisition opportunities for our investor group,” he says.

Foulger-Pratt’s activity is part of a growing swell of multifamily trades that have either closed or are in the process of closing in the DC area. There have been at least close to $200 million in transactions in the last several weeks, according to sources–and other several million more in the pipeline.

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