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WASHINGTON, DC-Urban Investment Partners–a local firm that recently launched a residential property management division–is in the process of vetting acquisitions for its latest fund, a $50-million to $70-million capital pool called WRF III. The company’s sweet spot is value add multifamilies or apartment buildings with a mixed-use component in good neighborhoods that can be rehabbed.

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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