UIP-Led Venture Buys Apartment In Cathedral Heights

WASHINGTON, DC–A venture led by Urban Investment Partners has acquired 3333 Wisconsin Ave. NW, a 100-unit apartment building in the Cathedral Heights neighborhood. The acquisition closed after the Four Threes Tenant Association selected UIP to acquire and redevelop the building.

Starting in the first quarter of 2019, UIP plans to undertake a million-dollar renovation program to upgrade the building’s common areas and make modest improvements to individual apartments. UIP Property Management has taken over the building’s day-to-day management.

3333 Wisconsin is UIP’s second apartment building acquisition this year. In January it acquired the 266-unit Onyx on First in the Capitol Riverfront for $95.5 million. Built in 2008 as a condominium building and later converted to rental, UIP says that Onyx was the first new multifamily building in this neighborhood

3333 Wisconsin Ave., NW is located across the street from Cathedral Commons, a recently completed mixed-use development that catalyzed development in the Cathedral Heights neighborhood.

The UIP family of companies owns and manages more than 2,800 apartments in Washington, DC and its Maryland suburbs.