UIP Pays $20M For 2 Northwest D.C. Apartment Buildings
Urban Investment Partners has acquired two Northwest D.C. apartment buildings through agreements with the buildings' tenants.
The D.C.-based firm bought the 96-unit building at 6939 Georgia Ave. NW for $10.7M from an entity connected to D.C.-based Poretsky Building Group, according to documents posted Friday to the D.C. Recorder of Deeds.
UIP also acquired the 69-unit building at 5521 Colorado Ave. NW for $9.6M from another entity connected to Poretsky Building Group, documents show.
The Georgia Avenue building sits directly across the street from the 66-acre Walter Reed Army Medical Center campus, where Urban Atlantic, Hines and Triden Development are moving forward on a major redevelopment.
The Colorado Avenue property is in D.C.'s 16th Street Heights neighborhood, sitting less than a half-mile from Rock Creek Park and from a Walmart-anchored retail center.
The buyer was selected by the buildings' tenants through D.C.'s Tenant Opportunity to Purchase Act, UIP principal Steve Schwat said. UIP plans to make upgrades to the buildings' common areas and units, he said.
"These are in rapidly changing and improving neighborhoods," Schwat said in an email to Bisnow. "These two assets represent two more TOPA success stories for UIP."
