Urban Investment Partners (UIP) has acquired Walker House, a 212-unit mid-rise apartment building in Gaithersburg, MD, for $31.8 million. CBRE represented the seller, Washington REIT, which has held the property since 1996. Capital One financed the acquisition.
Howard University is partnering with Urban Investment Partners and Neighborhood Development Corporation to redevelop two former dormitories into residential apartments. The partnership will renovate and convert the two structures into 162 modern rental apartments. Located in the LeDroit Park neighborhood of Washington, DC, George Washington Carver Hall (211 Elm Street, NW) and Lucy Diggs Slowe Hall (1919 3rd Street, NW) were built in 1942 to accommodate War Department workers. For more than 60 years, the buildings have served as student dormitories for the University.
Washington REIT has broken ground for The Trove, a new 401-unit trend-setting apartment community in the close-in Columbia Pike corridor of Arlington, VA. Three new seven-story buildings offering stellar amenities are scheduled to start delivering in 2019. The Trove is designed to provide the convenience of comparable apartment communities, but with more amenities and at a lower price point.
StoneBridge Investments of Washington, DC has acquired Veridian at Sandy Springs, a 272-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $32 million. Amenities include a pool, sundeck, tennis court, fitness center, clubhouse, cyber lounge, pavilion and picnic areas, and a “bark park.”