Already the fund has about $21 million of real estate acquisitions and renovations under contract or in negotiations, Steve Schwat, a principal with UIP tells GlobeSt.com. These include 100 units in Hyattsville, MD; 35 in upper Northwest; 42 in the 14th Street District; 40 units on Capitol Hill and another 40 in the Southeast.
This fund is not the only company's pipeline of activity; occasionally the company will make one-off investments that don't fit within its mandate. One such example is the firm's latest rehab project: a $1.9-million renovation of the Macklin, a 70-year-old apartment building with a retail and office component that is located at 2911 Newark St. on the corner of Connecticut Avenue, where it has recently relocated from Northern Virginia.
UIP is also looking at development for the first time in a long while--primarily because the pricing is finally right, Schwat says. Financing is still a big consideration of course, so it is unlikely that the company will actually begin new development this year. What is more likely is a land acquisition made with the intention of developing it later, he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
