CrowdStreet: 1425 New York Avenue Stage Two

The real estate investment platform CrowdStreet announced an offering for a multifamily development in downtown Washington, D.C.

The 1425 New York Ave. project will repurpose a vacant office building into a 24-unit Class A+ asset. Once the development is complete, the project will offer the closest residences to prominent D.C. fixtures, including the White House, U.S. Capitol Building and the Washington Monument. The luxury 13-story highrise looks to be well-positioned in the supply-constrained market that has lacked new multifamily supply for nearly a decade. 

The vacant office building’s interior will be torn to its concrete studs and transformed into the luxury residences. The property will feature a large outdoor courtyard and garden, a rooftop terrace with sky lounge, a state-of-the-art fitness center and a media lounge. 

The building is surrounded by more than 15 high-end restaurants, 20 fast and casual eateries, and six cultural entertainment venues. The downtown D.C. submarket has among the highest median incomes in the country and has seen a five-year population growth rate of 6.4%. U.S. News and World Report recently ranked Washington D.C., No. 14 on its list of Best Places for Young Professionals and No. 19 on Best Places to Live in the U.S.

The demand for high-end multifamily residences combined with the inherently diverse nature of the D.C. economy should benefit this project. The city has a high concentration of government, biotech, science, technology, engineering and mathematics (STEM) and financial services employment sectors that surround the development site. 1425 New York Ave. is in the heart of D.C.’s most expensive neighborhood.

Since its inception in 1960, project sponsor Foulger-Pratt has successfully completed 30 ground-up development projects in D.C., Maryland and Virginia. The Washington, D.C.-based firm has $5.7 billion in total assets under management across 8 million square feet and multiple asset classes. Foulger-Pratt has extensive experience in developing complex office space, retail, build-for-rent communities and multifamily projects in the region. 

CrowdStreet will host a live webinar for 1425 New York Avenue-Stage Two portfolio at 1 p.m. PST on March 15. The investment window will open at this time.

View details on CrowdStreet’s offerings

Photo courtesy of CrowdStreet