(Arlington, VA) Kees Bruggen, one of three founding principals of Urban Investment Partners (UIP) of Arlington, Virginia, has announced his intention to leave UIP to head a new U.S. office representing Dutch Investors.
The other two founding principals of UIP, Steve Schwat and Wout Coster, will absorb Mr. Bruggen’s responsibilities and take control of UIP and its subsidiary companies, including Drummond Development, UIP’s for-sale development company. UIP currently has 11 employees in its Rosslyn, VA office and will move to a new headquarters at 3404 Connecticut Avenue, N.W. in Washington, D.C. in the fourth quarter of 2008.
Mr. Bruggen will be sourcing new U.S. investments for Dutch Investors, with new sponsors, outside of the Washington D.C. metropolitan area. At the same time, however, Mr. Bruggen will continue funding new deals in the Washington, D.C. metropolitan region with UIP.
UIP’s Washington Residential Fund II, a value-add portfolio of urban multi-family properties in the DuPont Circle and Kalorama neighborhoods of Washington, D.C., just completed its final acquisition, The Macklin – 3404 Connecticut Avenue, N.W. The Fund’s other acquisitions have included: 1631 S Street NW (63 units), 1722 19th Street NW (89 units), 1706 T Street NW (24 units), and 1921 Kalorama Road NW (63 units). UIP is currently engaged in value-add activities with each property, including renovations and additions.
UIP is in the process of creating a successor value-add fund known as Washington Residential Fund III, and are seeking new potential property acquisitions candidates for this Fund.
Since 2002, UIP has acquired over 2,000 rental apartment units in the Washington, D.C. metropolitan area. The total value of UIP’s existing holdings is approximately $130 million.
Founded in Washington, D.C. in 2001, UIP is a leading real estate investment and asset management organization known for innovative and profit-oriented property investment. Its core activity is the creation and management of private property funds designed to maximize returns for its investors.