JLL completes $62.7M sale of Maryland mixed-use property
Monument Village at College Park features a mix of luxury residential units and retail
WASHINGTON D.C., February 25, 2020 – JLL Capital Markets announced today that it has completed the $62.7 million sale of Monument Village at College Park, a mixed-use residential and retail property in College Park, Maryland.
JLL marketed the property on behalf of Monument Realty. Foulger-Pratt purchased the offering free and clear of existing debt.
Monument Village at College Park consists of 235 residential units averaging 894 square feet, 12,200 square feet of amenity space and 4,800 square feet of ground-floor retail. The property offers community amenities, including a resort-style pool with cabanas and outdoor grilling areas, fitness center with yoga and spin studios, Zen garden, clubroom with catering kitchen and billiards, movie theater and gaming room with snack bar, conference room, lounge with computer workstations and coffee bar, pet spa and dog run.
Completed in 2016, the Class A property is located along Route 1 near the intersection of Baltimore Avenue and Cherokee Street, which positions it near major area highways and public transportation and within two miles of The University of Maryland, College Park. In addition, the property benefits from proximity to major employers in the Discovery District master-planned development as well as numerous government and healthcare employers.
The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella and Robert Jenkins.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Monument Realty
Monument Realty, an award-winning, full-service real estate firm, has been leading the way by embracing challenges and creating opportunities for clients and investors since 1998. Monument Realty’s development portfolio includes more than six million square feet of Class A office space, 4,500 residential units and several hotel properties valued at nearly $6 billion.
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.