Local Company Urban Investment Snaps Up District Assets
- Aug 01, 2015
Urban Investment Partners has snatched up another apartment community in Washington, D.C. The real estate company is the new owner of the Rhode Island Gardens Apartments in Northeast Washington, D.C.
UIP purchased the 81-unit asset from Roydun Co. for $7.6 million. Robert Meehling and Brian Margerum of the CBRE Washington, D.C., Multifamily Investment Properties team represented the seller with assistance from teammates William Roohan, Michael Muldowney, Michael Rudolph and Martha Hastings.
Rhode Island Gardens offers a total of 47,212 rentable square feet. The six-story, mid-rise building was constructed in 1931 at 230 Rhode Island Ave., N.E. Its location places the property close to Union Station’s retail, dining and entertainment options, as well as the Rhode Island Metro Station, Catholic University and Howard University.
“Investors are gravitating toward multifamily opportunities in markets such as D.C. where the strategy is generally to target areas surrounding universities or other enclaves that attract a disproportionately high volume of new residents,” CBRE Senior Vice President Meehling said in a prepared statement. “This is evident by the diversity and depth of the capital looking to allocate into multifamily,” he added.
UIP has been very busy in Washington, D.C., this year. In partnership with other investors, the company purchased the 72-unit Embassy Towers, in Adams Morgan and the 76-unit Tilden Hall Apartments, in the District’s Cleveland Park neighborhood.
Photo credit: CBRE