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Urban Investment Partners (UIP) won a “Plexy” award from Washington City Paper for a noteworthy achievement in the D.C. real estate scene during 2011 – specifically for “craziest buying spree.”
According to City Paper, “the recession sent a lot of D.C. apartment buildings into foreclosure, even though rental demand here is the strongest in the country. Steve Schwat, of Urban Investment Partners, has been capitalizing on that, picking up building after building cheaply and either converting them to condos by buying out existing tenants or just doing big upgrades and charging higher rents. ‘We could not possibly buy enough properties to satisfy our investors at the moment,’ Schwat says. That’s not a bad problem to have.”
During 2011, UIP acquired six multifamily properties in Washington, D.C., which will have a total of 304 residential units when renovations are completed. The properties are located at 134 Kenyon Street, NW; 1430 W Street, NW; 3435 Holmead Place, NW; 3308-12 Sherman Ave., NW; 2359-2401 Ontario Road, NW; and 1346 Park Road, NW.
“We know the Plexies are tongue-in-cheek, and this isn’t the first time we’ve been called crazy, but we also know the awards are based on real things happening in real estate,” said Schwat. “So we are proud to be recognized for our activity in the market.”
Founded in 2001, the UIP family of companies is a leading real estate investment, development, and property management firm based in Washington, DC. The firm invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in select neighborhoods. Since 2001, UIP’s principals have sponsored real estate funds throughout the D.C. metropolitan region with a total valuation of over $375 million. For more information about UIP and/or its funds, visit www.uipllc.com.