Urban Investment Partners continues to expand its portfolio of apartment buildings in such popular DC neighborhoods as Columbia Heights, Adams Morgan, Petworth, and more. They have just acquired three new properties with a total of 163 rental apartment units, all in Columbia Heights, at a foreclosure auction.
This acquisition represented three of five properties recently foreclosed by a New York City-based investment group that acquired the debt on the properties from New York Community Bank. The buildings acquired by UIP, a leading real estate investment, development, and property management group based in the District, are:
- 1430 W Street, NW with 26 units ($3.25 million)
- 3308-3312 Sherman Avenue, NW, with 34 units ($2,075,000)
- 3435 Holmead Place, NW with 103 units ($7.05 million)
“We have been following these properties for several years, and although we attempted to acquire them in many different ways, the resulting acquisition was at a price we liked,” said Steve Schwat, Principal, UIP. “Each property represents a unique investment opportunity and significant value for our investors.”
“This auction gave us the opportunity to acquire the best properties at a competitive price,” UIP Principal Wout Coster added. “We really have to thank our investor who was able to commit to a very short closing horizon, andalsoEagleBank,which provided excellent proceeds and wasable to close within the shorttime frame.”
As it does with all its newly acquired properties, UIP Property Management, Inc. (UIPPM) will provide welcome bags (reusable shopping bags) and informational packets to all of the buildings’ residents. UIPPM has taken over day-to-day property management of all three buildings. “I am always excited when we acquire a new property to manage, whether through third-party management contracts or acquisitions,” said Dave Zweig of UIPPM, which manages over 2,300 units throughout the Washington, DC metropolitan area.