DC Luxury Condo Loft Conversion

gross ann. return*
0 mo.
term remaining
Investment Complete
Current Ann. Return 8.0%
Accrued Ann. Return 7.0%
Gross Ann. Return* 15.0%

Investment Details

Current Ann. Return 8.0%
Accrued Ann. Return + 7.0%
Gross Ann. Return* 15.0%
Term Remaining 0 of 12 mo.
Min. Investment $5,000
Investment Size $1,600,000
Underlying Security Preferred Equity

Investment Summary

This is an opportunity to invest in the acquisition and condominium conversion of an existing 14-unit multifamily property in the U Street neighborhood of Washington, DC. The Property is located at the intersection of 11th and W Streets in the heart of the U Street Corridor, one of DC's fastest growing neighborhoods. The property was built in 2002 and currently operates as a Class-A loft style boutique apartment.

Key Deal Points

Prime Location in the Heart of DC's U Street Neighborhood

The U Street corridor is one of the fastest growing neighborhoods in the city and is rapidly becoming one of the most sought after locations for new home buyers. The property is located within 4 blocks of the U St Metro station and the recently announced new Whole Foods.

Experienced Sponsor with Strong Track Record

UIP is an experienced sponsor with a track record of executing attractive apartment and condominium projects in DC. UIP has invested more than $500MM in the local real estate market, acquiring, renovating, selling, and owning more than 5,000 rental and condominium units. Their current portfolio consists of more than 2,400 units in DC and Maryland.

Unique Loft Product Priced Below Market Comps

There have been very few new industrial style lofted condominium units delivered to the U Street market area. This property is unique in that the units are very large relative to other similar condos and that each unit will be fully renovated with top of market finishes and have two-story floor plans.

Existing Asset with Condo Map In-place

The property is an existing asset that currently operates as a boutique apartment building. Because the property was originally planned to deliver as condo units there is a condo map in place. These factors reduce the time and cost of the conversion and eliminate the typical ground-up construction risks, and potential insurance risks associated with other new condominium developments.

Projected Return Calculator

Gross Annual Return* 15.0%
Term 12 mo.
Total Return*

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
Category Assessment Points
Capital Senior to Fundrise 70-79% 4
Capital Junior to Fundrise 10-19% 4
Location Primary 1
Occupancy Vacant 3
Development Phase Value-Add 2
Sponsor’s Track Record $250 million or more 1
Overall 15 D1

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source % of Total Amount
Equity Sponsor and LPs 11.5% $1,206,361
Preferred Equity Fundrise Investment 15.3% $1,600,000
Senior Debt 73.2% $7,675,000
Total 100.0% $10,481,361

Property Summary

The subject property consists of one (1) four-story (including terrace level) apartment building containing fourteen loft style dwelling units. Each unit contains two-stories of living space with a loft area above the upper floor. According to available information, the property is situated on a single parcel of land containing 0.21 acres and the building was constructed circa 2002 (originally developed as a condominium building).
Address 1111 W Street NW
City & State Washington, DC
Neighborhood U Street Corridor
Product Type Residential / Multifamily
Project Phase Value-Add / Condo Conversion

Market Summary

The property located at the intersection of 11th and W Streets in the heart of the U Street Corridor, Washington’s storied, artistic center. The U Street Corridor brings a variety of boutiques, art galleries, theaters and music venues including Lincoln Theater, Howard Theater, 9:30 Club and U Street Music Hall. Within a one-mile radius of the Property there are numerous upscale restaurants and bars, as well as vibrant nightlife.The Property is a short walk three-blocks away from the U Street Metro Station (Green and Yellow Lines), providing direct access to Chinatown (3 stops) and Downtown Washington (5 stops) as well as within walking distance of other major neighborhoods including DuPont Circle, Adams Morgan and Columbia Heights.

About the Sponsor

Steve Schwat


Peter Bonnell


Heath Wilkinson


Michiel van Zadel

Vice President – Asset Management

Jason Lifton

Development Analyst

Brook Katzen

Vice President of Development

Ashleigh Keys

Regional Manager

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.

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Fee Schedule

Gross ann. return* 15.0%
Servicing and administration fee -0.5%
Net ann. return to investors 14.5%

Other Past Investments

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Gross Ann. Return* 14.0%
Term Remaining 0 mo.
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Brooklyn 3-Unit Apartment Repositioning - Senior Loan

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Gross Ann. Return* 11.0%
Term Remaining 0 mo.
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