Urban Investment Partners is continuing to grow its D.C. multifamily portfolio with the acquisition of a 100-unit apartment building in Cathedral Heights.
The D.C.-based developer announced Monday it acquired the building at 3333 Wisconsin Ave. NW as part of a joint venture and plans to launch a major renovation.
An affiliate of TIAA-CREF sold the property to the UIP-led joint venture for $42.5M, the Washington Business Journal reports. UIP did not announce the name of its JV partner, but WBJ reports it appears to be South Carolina-based Pacolet Milliken Enterprises.
The building sits four blocks north of the Washington National Cathedral and across the street from the Giant-anchored Cathedral Commons development. The closest Metro station, Cleveland Park, is just under 1 mile away.
About a mile north on Wisconsin Avenue, UIP is working on the redevelopment of three Tenleytown buildings it acquired from American University. It completed the first project, a 100-unit apartment building on the former WAMU headquarters, in March. The next project, a 146-unit development at 4620 Wisconsin Ave. NW, faces a delay after having its approval appealed in May.
UIP is also working on redeveloping two former Howard University dorms into 162 apartments, and it is transforming a former George Washington University dorm into 200 apartments. The Cathedral Heights deal is UIP's second major acquisition this year after it bought a 266-unit Capitol Riverfront apartment building in January for $95.5M.
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