Washington, D.C. (PRWEB) October 28, 2009
Urban Investment Partners (UIP), a Washington, D.C.-based real estate investment firm, has acquired the 32-unit Spring Valley Apartments in one of the most sought-after upper Northwest neighborhoods of Washington, D.C. UIP acquired the property in partnership with StoneBridge Investments, B.V. of the Netherlands for $5.1 million. The seller was PNC Bank acting as trustee. Rick Shinberg and Les Zimmerman of First Capital Realty, Inc. represented the seller; CBRE's Bobby Meehling and Jonathan Greenberg represented UIP.
The acquisition was the second this year for the UIP-StoneBridge Investments partnership under its Washington Residential Fund III (WRF III). The first WRF fund invested in four properties (1,008 apartment units) in Prince Georges County; the second fund acquired four properties (238 apartment units) in the Dupont Circle area of Washington, D.C. The third fund seeks to acquire compelling multifamily investments throughout the Washington, D.C. metropolitan region. StoneBridge Investments holds a $410 million portfolio of residential properties throughout the U.S.
In compliance with the District of Columbia's Tenant Opportunity to Purchase Act (TOPA), UIP and the tenants' association came to an agreement that resulted in some tenants opting to continue renting their apartments, some taking a buy-out, and the remainder agreeing to purchase their units after a partial condominium conversion of the project, which UIP already has begun. This month, UIP begins a $450,000 renovation of both the rental and condominium portions of the project, which was originally built in 1950; renovations are scheduled to be completed by the end of December 2009. Spring Valley currently has 25 apartments available for rent. New residents can move in as early as November 15, 2009.
"We are very excited about our latest acquisition in the prestigious Spring Valley neighborhood, just one block off Massachusetts Avenue," said Kees Bruggen, Director of StoneBridge Investments, B.V. "This property is an affordable gem in the heart of one of the city's most beautiful, tranquil, and convenient neighborhoods."
The property, located at 4000 - 4016 47th Street, N.W., will be managed by UIP Property Management, Inc. UIP General Contracting, Inc., will undertake the renovation program. Improvements will include: roofs, gutters and drainage systems, landscaping, window improvements, siding replacements, porch improvements, new exterior and stairwell lighting, renovation to common area halls and entries, and more.
Founded in 2001, the UIP family of companies is a leading real estate investment, development, and property management firm based in Washington, DC. The firm invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in select neighborhoods. Since 2001, UIP's principals have sponsored real estate funds throughout the DC metropolitan region with a total valuation of over $185 million. For more information about UIP and/or its funds, contact Steve Schwat at 202/684-7840, or visit http://www.uipllc.com.