New Apartments and Restaurant Planned for Old Watergate Burglar Lookout
Washington, DC, August 11, 2016– Urban Investment Partners (UIP) of Washington, DChas acquired a ten-story building at 2601 Virginia Avenue, NW across from the Watergate mixed-use complex for $36 million. The seller was George Washington University (GWU), which had used the building as student housing for 17 years.
Hall on Virginia Avenueachieved notoriety while operating as a Howard Johnson hotel in 1972. Rooms 419 and 723 were used as lookouts forthe “Watergate burglars,” who broke into offices of the Democratic National Committee in the Watergate office building. The ensuing Watergate scandal led to the 1974 resignation of President Richard M. Nixon. Room 723 was preserved as a museum until 2001, when the exhibit was moved to the GWU archives.
GWU demolished the property’s interior about a year ago,planning to create new student and faculty housing, but decided to sell the property instead. CBRE’s Bobby Meehling, Andy Wimsatt, and Peter Larkinrepresented GWU in the sale.
UIP plans to developabout 200rental apartments within the existing 97,300 SF core and shell, and build about 50 more units in a new 40,000 SF addition on the building’s east side. UIP also will create an 8,000 -10,000 SFrestaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors.The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers.
Boathouse, as the new development will be called, will offer residents numerous contemporary amenities as well as easy access to GWU, Georgetown, Foggy Bottom, the Potomac River/GT Waterfront, and Rock Creek Park. An expansive rooftop recreational area with river views will incorporatea deck, large swimming pool, fire pits, gourmet kitchen, and world-class (2,000 SF) fitness center. Other amenities will includeabike share program, library, multimedia theatre, and a 24-hourhonor-based convenience store.
“We are going to create something never seen before in this city, focusing on access to the park and the river, promoting a healthful lifestyle that includes fitness, exercise, and fresh food,” said UIP Principal Steve Schwat.“This is going to be an exciting place to live, equidistant from the Georgetown waterfront and the Foggy Bottom Metro stop, which is just a five-minute walk away.”
“This transaction is consistent with our strategy of acquiring underutilized structures in prime locations and restoring them to productive use as Class A multifamily buildings,” said UIP Vice President of Development Brook Katzen. “There are a number of unique elements that make this one of the most exciting projects I have worked on at UIP. We look forward to enhancing the Foggy Bottom community with a best-in-class project.”
Boathouse enjoys an irreplaceable location in the famous Foggy Bottom neighborhood in close proximity to Georgetown, GWU, the John F. Kennedy Center for The Performing Arts, and the recently renovated Watergate complex. Both Georgetown and Foggy Bottom are almost completely built out, with significant regulatory constraints preventing further development. With a walkscore of 86 and a bikescore of 94 (from www.walkscore.com), Boathouse will provide incomparable access to the area’s wealth of restaurants, shops, cultural destinations, and recreational venues.
Earlier this year, UIP purchased three commercial office buildings from American University, and is converting most of the newly acquired space into new apartment dwellings. “Converting both hotels and office buildings to multifamily use is not much different than converting older apartment buildings, as we have done all over the city,” remarked Schwat.
The UIP family of companies owns and manages more than 2,500 apartments in Washington, DC and Maryland and has renovated, restored and built more than 20 downtown apartment buildings and condominiums over the last ten years. UIP’s primary focus includes “heavy lift” renovations as well as working with tenants in Washington, DC,helping them exercise their TOPA (Tenant Opportunity to Purchase Act) rights. UIP also is active in entitling land, infill development, and acquiring residential assets in the close-in Washington, DC suburbs. For more information, visit www.uipllc.com, www.uippm.comand www.uipgc.com.
Urban Pace Launches Sales of The Lofts at 1111W Near Metro;
Prices Start in $800,000s
Washington, DC, May 2, 2016 –Condominium buyers now have an opportunity to acquire spacious, stylish two-level homes in Washington’s dynamic U Street corridor, just three blocks fromthe U Street Metro station. Urban Pace has launched sales of The Lofts at 1111W, with prices starting in the $800,000s.
The latest project from The UIP Companies, The Lofts at 1111W offer highly desirable features rarely seen in this neighborhood, including lofts in each of the building’s14 residences, soaring 18-foot ceilings, open floor plans, full-size laundry equipment, gas cooking, fireplaces, multiple USB charging outlets, soaking tubs, and Nest Learning Thermostats. Each condominium home has two bedrooms, a lofted den, and 2.5 bathrooms.
Thoughtfully designed by Christopher Boutlier, the modern interior finishes include hardwood floors, Bosch kitchen appliances including concealed refrigerator and dishwasher, Kohler under-mount sinks, Toto dual-flush toilets, chrome hardware, quartz countertops and subway tile kitchen backsplashes. Residents will have use of an outdoor patio with a gas barbeque and lighted landscaping.
“The Lofts at 1111W provide residents with an intimate setting that’s just a short walk from the U Street Metro station and the 14th Street corridor, replete with the city’s most extensive array of restaurants, boutiques, theaters, and more,” said UIP’s Steve Schwat. “Whole Foods, Trader Joe’s, Yes! Organic Market, and seasonal farmers’ markets are just a few of the local grocery options. Nearby historic Meridian Hill Park is the perfect place to walk your dog or take a stroll, and the neighborhood’s flat terrain makes this area a biker’s paradise.”
“With an unparalleled location, new on-trend interiors, and some of the area’s most expansive floor plans, The Lofts at 1111W are sure to sell briskly,” said Matt Dewey of Urban Pace. For sales information, visit www.1111wstreet.com.
Urban Pace, a part of the The Long & Foster Companies, provides marketing, sales, and advisory services to real estate developers specializing in condominium and multi-family developments. Founded in 2001, Urban Pace has worked on more than five million square feet of property and over 5,000 units. For more information, please visit www.urbanpace.comor call 202.296.1203. Follow Urban Pace on Facebook, (www.facebook.com/urbanpace) and Twitter (https://twitter.com/urbanpace).
The UIP family of companies owns and manages more than 2,500 apartments and condominiums in Washington, DC and Maryland and has renovated, restored and built more than 25 downtown apartment buildings and condominiums over the last ten years. UIP’s primary focus includes “heavy lift” renovations as well as new construction of rental and for-sale product. UIP also is active in entitling land, infill development, and acquiring occupied residential assets in the close-in Washington, DC suburbs. UIP’s three subsidiary companies provide construction, property management, and development services for third-party clients as well. For more information, visit www.uipllc.com, www.uippm.comand www.uipgc.com.
$75Million Apartment Conversion Planned Near Tenleytown Metro;Buildings Formerly Housed WAMU and Krupin’s Deli
Washington, DC, (February 12, 2016) – Urban Investment Partners (UIP) of Washington DC has acquired three class C office buildings in the Tenleytown neighborhood of Washington, DC from American University (AU). The portfolio, including the longtime home of National Public Radio affiliate WAMU, traded for $45 million.
UIP plans to invest $75 million in order to gut-renovate the Brandywine and Wisconsin Avenue buildings, creating residentialapartments, all within a block of the Tenleytown-AUMetro station on the Red Line and with an abundanceof underground parking. The properties are:
CapSource is providing acquisition and construction loans for the Brandywine and Wisconsin Avenue locations. MidCap Mortgage is the lender for 4545 42nd Street.
Bobby Meehling and Scott Frankel of CBRE represented the seller in all three transactions.
“We are more than excited to close on this acquisition and I want to thank everyone involved: American University, CBRE, and those at UIP who put in a lot of extra hours to bring this deal to fruition,” said Steve Schwat, UIP Principal and Founding Partner. “Brook Katzen, Pete Bonnell, and I have alreadyengaged with many of the stakeholders in Tenley including Tenley Main Street and Ward 3 Vision. We look forward to working closely with our neighbors to help shape Tenleytown over the next few years.”
Named in the late 1700’s for local tavern owner John Tennally, Tenleytown surrounds the site of Civil War-era Fort Reno, built on the city’s highest natural ground at 409 feet above sea level. By 1900, the last remains of the fort had been replaced by a reservoir, water tower, and a park. Featuring sports fields, playgrounds, tennis, and more, Fort Reno Park remains a key community amenity.
The 1941 opening of Sears &Roebuck at Wisconsin Avenue and Albemarle Street was an important milestone in the neighborhood’s growth. The area’s first Hechinger store also was located in Tenleytown; after Sears vacated its store in 1994, Hechinger bought and moved into the property. Hechinger eventually shuttered all of its stores. By 2003, the former Sears/Hechinger site had been converted into one of the city’s firsttransit-oriented developments (TODs), Cityline at Tenley, which currently includes Best Buy, The Container Store, and Ace Hardware..
UIP’s newly acquired properties are surrounded by a wide variety of highly regarded amenities and destinations including DC’s public Wilson High School, the Wilson Aquatic Center, Friendship/Tenley Public Library, the brand new AU Law School, Starbucks, Whole Foods, Panera Bread, Burger Tap & Shake, CVS Pharmacy, and other popular retailers. Beefsteak, the new fast-casual concept from renowned chef Jose Andres, is coming soon, as is District Taco, set to open in Tenley View.
In addition to the Tenleytown/AU Metrorail station, the neighborhood has 11 Metrobus lines originating at Tenley and a several local circulator buses including the AU and Sibley Hospital shuttles. The AU shuttle bus stops on the same block as 4000 Brandywine.
The UIP family of companies owns and manages more than 2,500 apartments in Washington, DC and Maryland and has renovated, restored and built more than 20 downtown apartment buildings and condominiums over the last ten years. UIP’s primary focus includes “heavy lift” renovations as well as working with tenants in Washington, DC,helping them exercise their TOPA (Tenant Opportunity to Purchase Act) rights. UIP also is active in entitling land, infill development, and acquiring residential assets in the close-in Washington, DC suburbs. For more information, visit www.uipllc.com, www.uippm.comandwww.uipgc.com.
Photos:
Urban Investment Partners (UIP) has acquired Rhode Island Gardens, with 81 apartment homes, for $7.6 million. Originally built in 1931, the property is located at 230 Rhode Island Avenue NE just a half mile from the Rhode Island Avenue Metro station.
The seller, Roydun Corporation, is an affiliate of Washington, DC-based DARO Realty, a longtime local apartment owner and manager. CBRE represented the seller.
UIP coordinated the acquisition with the Rhode Island Gardens Tenants Association. “This is our fourth acquisition for the year and our third development agreement with a tenant association in 2015, highlighting UIP’s unique level of experience and strong desire to participate fully with tenants in the properties we buy,” said Steve Schwat, Principal at UIP.
UIP and the tenants’ association worked together to plan a $7 million renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The project will include adding five apartments on the building’s lower level, upgrading electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character.
“As with many of our other apartment building renovations, Rhode Island Gardens residents who stay through the renovation will enjoy a modernized apartment building with no increase in rent,” added Schwat.
Rhode Island Gardens is ideally located in the Edgewood neighborhood, a flourishing, urban infill setting just north of NoMa, one of the top employment centers in the Nation’s capital. The structure has a prominent presence on the corner of 3rd Street and Rhode Island Avenue NE, a major commuter route connecting Prince George’s County to the District of Columbia.
The nearby Rhode Island Avenue Metro station on Metro’s Red Line provides direct connections to NoMa (just one stop away), Union Station, and the rest of the metropolitan area. Within ten minutes’ walking distance, residents have access to Rhode Island Row, a large mixed-use project completed in 2012, with 150 square feet of retail space including CVS, Carolina Kitchen, Jersey Mike’s, and more.
Several major employers including MedStar Washington Hospital Center, Catholic University of America (CUA), and Trinity Washington University are located within a mile of Rhode Island Gardens.
The UIP family of companies owns and manages more than 2,500 apartments in Washington, DC and Maryland and has renovated and restored more than 20 downtown apartment buildings over the last ten years. UIP’s primary focus includes working with Tenants in Washington, DC and helping them exercise their TOPA (Tenant Opportunity to Purchase Act) rights. UIP is also active in entitling land, new infill development, and acquiring residential assets in the close-in Washington, DC suburbs. For more information, visit www.uipllc.com and www.uippm.com.