Urban Investment Partners has acquired three Class-C office buildings in Tenleytown from American University for $45M, and is planning a repositioning of two of the buildings to create apartments.
The portfolio includes a 38k SF building at 4000 Brandywine St NW, the former home of WAMU, and a nearly 60k SF building at 4620 Wisconsin Ave NW, both occupied by AU offices. The university will exit both locations within a year, at which point UIP plans to invest $75M in order to gut-renovate the buildings and create residential.
The third building is a 39k SF office building at 4545 42nd St NW, which will continue to operate as a commercial rental property. All three buildings are within a block of the Tenleytown-AU Metro station on the Red Line, and are surrounded by amenities and destinations ranging from the Wilson Acquatic Center, Whole Foods, and the soon-to-be-opened Beefsteak, chef Jose Andres' veggie-centric fast-casual concept.
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