UIP Buys Back the “Policy” from Goldman Sachs for $22M
The Policy is one of dozens of Depression-era buildings that UIP has renovated in many DC neighborhoods. The company owns and manages two other apartment buildings nearby—1940 Biltmore St. and 1841 Columbia Road.
WASHINGTON, DC—A venture of Urban Investment Partners has re-acquired the 62-unit “Policy” apartment building in the historic Kalorama neighborhood here for $22 million.
According to multiple press reports, UIP purchased the property from an affiliate of Goldman Sachs. After originally acquiring the building in 2009 and performing a major gut renovation, UIP and its partners sold the building in June 2014 to Goldman Sachs for $19.8 million, according to a report in the Washington Business Journal.
UIP acquired the property, located off Columbia Road, after the Policy’s tenant association selected UIP to acquire and manage the building. UIP will, beginning in the first quarter of 2019, undertake what it terms will be modest improvements to the building’s common areas and individual apartments. UIP Property Management, Inc. has taken over the building’s day-to-day management.
The Policy is one of dozens of Depression-era buildings that UIP has renovated in many DC neighborhoods. The company owns and manages two other apartment buildings nearby—1940 Biltmore St. and 1841 Columbia Road.
Located at the intersection of 20th Street and Kalorama Road, the Policy is nearthe heart of Adams Morgan, an entertainment destination with numerous dining and entertainment options, including three new chef-driven restaurants at The Line Hotel: A Rake’s Progress, Brothers and Sisters, and Spoken English. The Policy’s residents also have access to a wide range of shopping, dining, recreational, and transportation options in the nearby Georgetown, DuPont Circle, and Woodley Park neighborhoods.
“The Policy is yet another example of UIP’s ability to deliver on our promises to tenant associations all over DC,” says Pete Bonnell, UIP principal. “We are excited to be welcomed back to a building that we fully renovated in 2010—a building that still looks great while providing rent-controlled housing to its residents. We look forward to working once again with many old friends and the Policy’s tenant association.”
The Policy’s studio, one-bedroom, and two-bedroom apartments boast spacious floor plans, tall ceilings, and original heart pine floors. At the same time, residents enjoy modern amenities that were installed during the renovation, including electrical, plumbing, and HVAC systems, efficient windows, and Class A finishes, UIP states.
UIP has been very active of late with a host of DC projects. In December, Holliday Fenoglio Fowler, L.P. reported that it brokered $35 million in financing for the development of Tribeca, a 99-unit condominium development in Washington, D.C.’s NoMa submarket. The HFF team worked exclusively on behalf of a partnership between Urban Investment Partners and United NYA to secure the floating-rate construction loan through a specialty finance company.
Tribeca, located at 39-41 New York Ave. NE, is one block from the NoMa-Gallaudet University Metro station and immediately accessible to Interstate 395 and U.S. Route 50 via New York Avenue. The 13-story project will consist of a mix of one- and two-bedroom homes as well as three penthouses. The for-sale residences will incorporate high-end design elements and will provide access to a complementary amenity package featuring rooftop co-working lounge space, a state-of-the-art fitness center and an expansive roof deck with designated green areas and views of the Capitol Building, the Capitol Hill neighborhood and the East End. The project is due for completion in late 2020.
In August, a venture led by Urban Investment Partners 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 stated it 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.
In January 2018, UIP 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 said that Onyx was the first new multifamily building in the neighborhood at that time.