Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.