UIP Snags $32M MD Community
- Nov 03, 2017
Urban Investment Partners has acquired Walker House, an apartment community in Gaithersburg, Md., from Washington REIT for $31.8 million.
Located at 18700 Walkers Choice Road, Walker House features 212 studio, one- and two-bedroom floorplans ranging from 468 to 1,276 square feet, across three seven- and eight-story buildings. Residents have access to amenities such as:
- fitness center
- tennis court
- swimming pool
- controlled access
- 412 parking spaces
- private balcony/patios
- central air conditioning
- standalone leasing center
UIP plans to renovate the older apartments and some of the common areas. Upon completion, the units will feature updated cabinets and counters, lighting, appliances and flooring. The company will also renovate the existing fitness center and lounge.
“UIP is known for renovating Depression-era buildings in Washington, D.C., but we also have been active in Prince George’s and Anne Arundel counties in Maryland,” said Steve Schwat, principal at UIP. “This is our first acquisition in Montgomery County, and we are actively looking for additional opportunities to bring our expertise to other properties in the District’s close-in suburbs.”
Originally constructed in 1971, the community is fully occupied and is located off of Route 355 along the Interstate 270 corridor of Montgomery County, the eighth most affluent county in the nation. The property is within close proximity to the RIO Washingtonian Center, the National Institute of Standards and Technology, IBM’s corporate campus and other major employers.
Capital One provided acquisition financing and CBRE represented the seller. Most recently, UIP partnered with Howard University on the $50 million redevelopment of two Washington, D.C., student housing communities into 162 residential apartments.
Images courtesy of Yardi Matrix