UIP Plans $75M Apartment Conversion Near Tenleytown Metro
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Urban Investment Partners has acquired three Class-C office buildings in Tenleytown from American University for $45M, and is planning a repositioning of two of the buildings to create apartments.
The portfolio includes a 38k SF building at 4000 Brandywine St NW, the former home of WAMU, and a nearly 60k SF building at 4620 Wisconsin Ave NW, both occupied by AU offices. The university will exit both locations within a year, at which point UIP plans to invest $75M in order to gut-renovate the buildings and create residential.