Since 2001, UIP has created significant value for our investors through the repositioning of multifamily residential and mixed-use assets in the Washington, DC metropolitan area. The firm’s principals each maintain a unique and specific set of talents and insights into, what can be, a competitive, t
Since 2001, UIP has created significant value for our investors through the repositioning of multifamily residential and mixed-use assets in the Washington, DC metropolitan area. The firm’s principals each maintain a unique and specific set of talents and insights into, what can be, a competitive, tenant favored rental environment. Washington DC’s unique rent control and other statutes offer opportunity for Residents and Investors alike and UIP’s central focus is on working with Tenants in DC to help them take advantage of their statutory rights, which also offers opportunity for strong, risk adjusted investment returns.
As a locally focused apartment building owner, property manager, general contractor, and condominium developer, UIP boasts highly focused submarket knowledge, deep insights into “what Residents really want,”, our ability to reduce operating expenses to 25% of rental income, and an ability to generate record-breaking condominium sales figures. Whether ground-up condominiums or adaptive reuse of existing structures (typically purchased at less than replacement cost) for rent, UIP’s teams have the knowledge, hands-on experience and resources to transform mismanaged, Class-C properties into market rate, Class-A communities, as well as to take advantage of opportunistic infill development opportunities.
The synergy created by UIP’s vertical integration (Development, Asset Management, Property Management, and General Contracting, all under one roof) results in unparalleled expertise and throughput – “from inception to lease-up” –;acquisition, entitlement/development, and management of multifamily properties in DC and the surrounding MSA. UIP’s realized and existing portfolio ranges from urban infill development in emerging and core neighborhoods in DC, to suburban assets within close proximity to major employers and public transportation. As Founder Wout Coster liked to say, “A rising tide floats all boats” and; we are not mono-focused to the point of ignoring opportunities outside of the confines of the DC region.
UIP’s expertise in DC’s rent control and Tenant Opportunity to Purchase Act laws, is unrivaled. TOPA offers the District’s’ tenants aright of first refusal on a pending sale, and allows tenants to organize into associations, for the purpose of purchasing their building, at the same price and terms as the contract purchaser. UIP helps tenants design a plan, undertake necessary renovations and either, maintain the building as a rental property or convert to condominium. Since inception, UIP has partnered with over 43 tenant associations, to achieve exceptional results for both our Residents and investors. Finding value in one of the most attractive real estate markets in the world sets UIP apart. By identifying submarkets and neighborhoods where value exists but is unexposed – through thoughtful renovations, cost controls, and value-added investment strategies, UIP continues to find and deliver value to our Residents and our Investors, year after year, irrespective of the greater financial environment.
UIP is in the process of acquiring 4 office properties in the Tenley submarket of Washington DC. With limited market rate rental properties within a .5 mile radius of the properties they are well-positioned for adaptive re-use from Class B office space into Class A market rate rental apartments with the potential to develop one into higher-margin college aged housing.
UIP is under contract to purchase the former Howard Johnson's Hotel from GWU. The 10 story building is completely gutted and will be converted into roughly 295 market rate rental units. UIP believes that due to the proximity to the GWU campus as well as many major private and public employers, Boathouse Apartments is well positioned to be converted to class A rental units.
1430 W is a 4-story, pre-war, walk-up residential property located in the 14th and U Street Corridor. Purchased in 2011 with 26 units, UIP worked with the tenants to vacate the building, and performed a $3.8 million gut renovation. A total of 12 new units were added. 1430 W was stabilized in 2015.
The Isabella is a 4-story, mid-rise, residential property located in the Columbia Heights submarket. Vacant for over 20 years, the property underwent a $4.2 million gut renovation including the excavation of the basement for 7 new units, stainless steel kitchen appliances, granite countertops, in-unit laundry, all new bathrooms, floors, windows and doors.
The Victoria is a 4-story condominium development comprised of 16 luxury units located in the Columbia Heights submarket. The ground up $6 million project incorporates a “C” shaped design to maximize natural light, elevator accessed underground parking, and a private courtyard. The Victoria was completed in 2014 and all of the condominiums have been sold.
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