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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…Continue
Posted on August 3, 2015 at 2:26pm
Washington Property Company (WPC) of Bethesda, MD has sold a 13.54 acre parcel of land in Loudoun County, VA to Pulte Homes for $11.5 million. WPC successfully rezoned the land from commercial to residential use, and Pulte intends to build 95 town homes on the site.
University Center Parcel P-1 is located near the intersection of Routes 7 and 28, accessible from Riverside Parkway and adjacent to an existing town home community. Bles Park, with frontage on both Broad Run and the…Continue
Posted on May 6, 2015 at 4:02pm
Options for buying a home in vibrant downtown Silver Spring, MD will soon expand with completion of Octave 1320, a new condominium development at 1320 Fenwick Lane. Now under construction on the site of a former office building and expected to deliver in the fall of 2015, Octave 1320 will offer 102 one- and two-bedroom condominium homes with prices starting in the low $200,000s. Presales by W.C. & A.N. Miller Realtors, a Long and Foster company, will begin in early May.
Posted on April 30, 2015 at 11:12am
Urban Investment Partners (UIP) and Criterion Holdings have acquired two Maryland apartment communities with a total of 385 units for $39,340,000. An affiliate of New York City-based Starr International Company provided equity and is a limited partner in the new ownership group. The seller, represented by CBRE Mid-Atlantic Multifamily Investment Sales Team, was a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings.
Laurel Pines, located at 14601…Continue
Posted on November 20, 2014 at 1:15pm
Philadelphia-based Lubert-Adler Partners sold Tiburon, a 320-unit Class A apartment community in Houston, TX, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction.
On behalf of several of its clients, Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR, Inc., as part of a larger value-add multifamily investment strategy. From 2010 to 2013, Lubert-Adler acquired and subsequently repositioned a $2 billion portfolio…Continue
Posted on November 20, 2014 at 12:51pm