Urban Investment Partners (UIP) has acquired three Washington, D.C. apartment buildings at a foreclosure auction for $12,375,000. The buildings, totaling 163 rental units, are located in the Columbia Heights area of northwest Washington.
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, and also EagleBank, which provided excellent proceeds and was able to close within the short time 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. More information on UIPPM can be found at www.uippm.com.
Founded in 2001, UIP invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in core and upcoming neighborhoods in the District of Columbia. Since 2001, UIP’s principals have sponsored real estate activities throughout the DC metropolitan region with a total valuation of over $250 million. For more information about UIP and/or its funds, visit www.uipllc.com.