{"id":1004124424,"date":"2015-07-31T20:33:15","date_gmt":"2015-08-01T04:33:15","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=356538"},"modified":"2020-04-28T01:32:50","modified_gmt":"2020-04-28T09:32:50","slug":"local-company-urban-investment-snaps-up-district-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/local-company-urban-investment-snaps-up-district-assets\/","title":{"rendered":"Local Company Urban Investment Snaps Up District Assets"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<div id=\"attachment_356540\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Rhode_Island_Gardens_April_2010_EXT1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-356540\" title=\"Rhode Island Gardens \" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Rhode_Island_Gardens_April_2010_EXT1.jpg\" alt=\"Rhode Island Gardens \" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Rhode Island Gardens<\/p>\n<\/div>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.urbaninvestmentpartners.com\/\" target=\"_blank\" rel=\"nofollow\">Urban Investment Partners<\/a> 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.<\/p>\n<p style=\"text-align: justify;\">UIP purchased the 81-unit asset from Roydun Co. for $7.6 million. Robert Meehling and Brian Margerum of the <a href=\"https:\/\/www.cbre.com\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a> Washington, D.C., Multifamily Investment Properties team represented the seller with assistance from teammates William Roohan, Michael Muldowney, Michael Rudolph and Martha Hastings.<\/p>\n<p style=\"text-align: justify;\">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\u2019s retail, dining and entertainment options, as well as the Rhode Island Metro Station, Catholic University and Howard University.<\/p>\n<p style=\"text-align: justify;\">\u201cInvestors 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,\u201d CBRE Senior Vice President Meehling said in a prepared statement. \u201cThis is evident by the diversity and depth of the capital looking to allocate into multifamily,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">UIP has been very busy in Washington, D.C., this year. In partnership with other investors, the company purchased the <a href=\"https:\/\/www.multihousingnews.com\/cities\/washington-dc\/urban-investment-lubert-adler-jv-buys-another-adams-morgan-apartment-building-2\/1004118392.html\" target=\"_blank\" rel=\"nofollow\">72-unit Embassy Towers<\/a>, in Adams Morgan and the <a href=\"https:\/\/www.multihousingnews.com\/cities\/washington-dc\/investors-plan-renovation-of-historic-cleveland-park-apartment-building-2\/1004121791.html\" target=\"_blank\" rel=\"nofollow\">76-unit Tilden Hall Apartments<\/a>, in the District\u2019s Cleveland Park neighborhood.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Urban Investment Partners has snatched up another apartment community in Washington, D.C. The real estate company is now the new owner of the Rhode Island Gardens Apartments in Northeast Washington, D.C.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004124424","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Local Company Urban Investment Snaps Up District Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/local-company-urban-investment-snaps-up-district-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Company Urban Investment Snaps Up District Assets\" \/>\n<meta property=\"og:description\" content=\"Urban Investment Partners has snatched up another apartment community in Washington, D.C. 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