DC Apartment Community Trades for $42M
The new owner, Urban Investment Partners, is planning to implement a $1 million capital improvements plan to upgrade and renovate the asset located at 3333 Wisconsin Ave.
Urban Investment Partners (UIP) has acquired 3333 Wisconsin Ave., a 100-unit apartment building in Washington, D.C.’s Cathedral Heights neighborhood. The property’s Four Threes Tenant Association selected UIP to purchase and redevelop the building. According to Yardi Matrix data, the asset sold for $42.3 million and was 99 percent occupied at the time of the transaction.
Located at 3333 Wisconsin Ave. NW, the property has major street exposure with a bus stop just outside the building. It is directly across the street from Cathedral Commons, a shopping, dining and entertainment center. Washington National Cathedral is within a five-minute walk and downtown D.C. is within 5 miles.
Completed in 1967, the building originally served as a health clinic, but it was converted and completely renovated to a Class A apartment building in 2010. The asset’s studio, one- and two-bedroom units average 738 square feet. Common-area amenities include a rooftop deck, a fitness center, clubhouse with pool table, controlled access and covered parking.
UIP is planning to further invest $1 million in a renovation program that will include upgrades to the building’s common areas and improvements brought to individual apartments. UIP Property Management Inc. will be in charge of the building’s management. 3333 Wisconsin is the company’s second Class A apartment community acquisition this year. In January, the firm purchased Onyx on First for $95.5 million, a 266-unit community in D.C.’s Capitol Riverfront neighborhood.
Image courtesy of Yardi Matrix