UIP Brokers Settlement of Longstanding Disputes at Marbury Plaza In Southeast D.C.; Secures Significant Capital Improvement Fund
Urban Investment Partners (UIP) of Washington, D.C. announced that an agreement has been signed to settle longstanding disputes between tenants of the 672-unit Marbury Plaza apartment complex in the 2300 block of Good Hope Road, S.E. in Washington, D.C. and the ownership. This settlement will end a two-year rent strike by many members of the Marbury Plaza Concerned Tenants Association (MPCTA) and will allow UIP Property Management (UIPPM), headed by David J. Zweig, CPM, to spend a $5 million capital improvement fund.
The capital improvements will include upgrades and replacements to the heating, air conditioning, and hot water systems, roofs, and access control systems. In addition, new windows will be installed throughout the complex, which comprises an 11-story tower, a 12- story tower, and seven garden-style apartment buildings.
The owner of Marbury Plaza, A&A Marbury, LLC of Washington, D.C., selected UIPPM for its extensive experience in renovations of this type and scale and its experience working with tenant organizations and negotiating agreements with tenant groups in the District of Columbia. UIPPM accepted the management assignment in February of 2010 after working closely with the owner to arrange the $5 million improvement fund, which the owner saw as necessary to improve the property and overall quality of life for its residents. “We could not accept the assignment until we were assured that the owner was prepared to provide the funds necessary to improve the property,” said Wout Coster, Principal of UIP.
District of Columbia Attorney General Peter Nickles, Chief Tenant Advocate Johanna Shreve, Chief Building Official Don Masoero, and Ward Seven Councilmember Yvette Alexander all were instrumental in bringing the parties to the table and helping to finalize the settlement. Local attorney Vytas V. Vergeer, Legal Clinic Director at Bread for the City, negotiated the settlement on behalf of the many Marbury tenants his non-profit represents. April Goggans, President of MPCTA, has been working for years
to address the issues at Marbury Plaza.
Peter Bonnell, Senior Vice President at UIP, said: “We knew going in that this assignment would be difficult. I am glad that UIP could play a role in bringing much needed capital improvement to Marbury Plaza. We could not have done this without the help of the Fenty Administration and, in particular, Attorney General Peter Nickles and Chief Tenant Advocate Johanna Shreve; their involvement was absolutely key.” Mr. Bonnell added: “The owner is very pleased with the outcome and the settlement and believes that it will contribute to making Marbury Plaza an even more desirable home in the years to come.”
Richard Luchs and Mark Policy, attorneys with Greenstein, Delorme & Luchs, PC of Washington, D.C. represented the owner and UIP during negotiations.
To celebrate the settlement and the beginning of a new era for Marbury Plaza residents, UIP is hosting a family/community barbeque on Saturday, August 28 from 2-4 PM, featuring music by Rise Band of DC (www.risebanddc.com), burgers, hot dogs, ice cream, magicians, clowns, balloon twisters, a moon bounce, give-a-ways and more.
UIPPM already has initiated customer-friendly management for Marbury Plaza’s 1,500-some residents including “always speak to a live person” 24-hour emergency maintenance and 24-hour concierge. Marbury Plaza offers some of the city’s largest apartment floor plans, panoramic views of the city, a Metro bus stop at the front door, an onsite convenience store, swimming and wading pools, and easy access to Capitol Hill as well as Bolling Air Force Base, the U.S. Department of Transportation, and other employment centers.
Founded in 2001, the UIP family of companies is a leading real estate investment, development, and property management firm based in Washington, DC. The firm invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in select neighborhoods. Since 2001, UIP’s principals have sponsored real estate funds throughout the DC metropolitan region with a total valuation of over $200 million. For more information about UIP and/or its funds, visit www.uipllc.com.