Urban Investment Partners’ Acquisition Focus
- Aug 04, 2015
Washington, D.C.—Urban Investment Partners has acquired Rhode Island Gardens, an 81-apartment home community in Washington, D.C., for $7.6 million from Roydun Corporation.
CBRE represented the seller in the transaction.
Originally constructed in 1931, the property is located at 230 Rhode Island Avenue NE, just a half mile from the Rhode Island Avenue Metro station.
“UIP focuses on transit-oriented properties in re-emerging neighborhoods in D.C. We are super focused on the asset location and proximity to transportation as well as the amenities close to the property,” Steve Schwat, UIP’s principal, told MHN. “In the case of RI Gardens, we like the Metro Stop just four blocks away, alongside the shopping center, anchored by Giant Food and Home Depot.”
The property is also close to Catholic University and a host of employers, including XM Satellite, FEDX, NPR, and the Federal Government.
UIP and the tenants’ association worked together to plan a $7 million renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The project will include adding five apartments on the building’s lower level, upgrading electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors.
“While we will add five to eight apartments on the lower level, with only 88 apartments, it’s difficult, if not impractical to provide too many amenities,” Schwat said. “That said, we plan a fitness center, bike storage room with tool bench and pump, pet run and wash station, and a USB charging outlet.”
According to Schwat, UIP’s D.C.-based strategy, as it relates to existing buildings, involves working with the residents of the properties.
“In D.C., tenants have the right to match an offer to purchase the property they reside in,” he said. “UIP works with tenant associations; we enter into agreements with tenants that promise specific improvements to the buildings and the individual apartments.”
This is UIP’s fourth acquisition this year and its third development agreement with a tenant association in 2015. Overall, the UIP family of companies owns and manages more than 2,500 apartments in Washington, D.C., and Maryland and has renovated and restored more than 20 downtown apartment buildings over the last 10 years.