WASHINGTON, DC-Capital Park Towers, an apartment complex located at 301 G St., SW, has traded for $34 million. Two local real estate companies, Urban Investment Partners and Perseus Realty, plus opportunistic private equity fund PRP, LLC, acquired the property. The new owners plan to make a number of significant improvements to the 289-unit complex over the next several years.
The buyers reached an agreement with the New Capitol Park Towers Tenants Association prior to the deal, according to Steve Schwat, principal at UIP. There will be no rent increases outside of standard annual increases under rent control, he says.
UIP General Contracting, a subsidiary of UIP, will do the renovation work. UIP subsidiary UIP Property Management will be the property manager.
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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.
