(Washington, D.C, January 1, 2009) Urban Investment Partners of Washington, D.C. has established a residential property management subsidiary, UIP Property Management, Inc. (UIPPM). C. David Barton, CPM®, ARM® has joined UIPPM as President effective January 1, 2009. He previously headed Washington-based Hagner Management.
David Yampolsky has moved from UIP’s core operation to serve as Senior Vice President of UIPPM. Additionally, Frederick Silvers, formerly of Bojan Realty of Capitol Hill, has joined UIPPM as Vice President for Operations and Maintenance.
Several other former Hagner Management employees have joined UIPPM:
• Kenneth Cunningham, CPM®, ARM®, Vice President and Property Manager
• Karen Wynn is Accounting Manager
• Steve Rill is Associate Property Manager
UIPPM, with a total of 16 employees, will join UIP’s other business units at the company’s new offices at 3404-06 Connecticut Avenue, N.W. in Washington, D.C. later this month. UIPPM will initially provide property management services for the approximately 900 multifamily units in UIP’s residential portfolio, plus 540 units that were previously managed by Hagner. The company will begin taking on fee-based third-party rental property management and work for condominium associations throughout the Washington, D.C. metropolitan area immediately.
“Since we became active in the redevelopment, acquisition, and management of urban multifamily properties in the mid-1990’s, we have built a substantial base of skills and knowledge in asset management,” said Steve Schwat, Principal, UIP. “By absorbing most of the highly experienced Hagner Management team, we are perfectly positioned to launch a premier management company that will provide a level of service unmatched in the industry.”
“Our mission will be to provide our residents with quality, affordable apartment homes while providing our investors with superior returns,” Schwat continued. “We will strive for perfection and never lose sight of who pays the rent in our buildings and who invests in our city. We plan to implement the latest Internet-based technologies to allow residents to request maintenance and repairs online and otherwise obtain highly responsive service.”
Founded in Washington, D.C. in 2001, Urban Investment Partners is a leading real estate investment and asset management organization known for innovative and profit-oriented property investment. Its core activity is the creation and management of private property funds designed to maximize returns for its investors. The company is currently closing Washington Residential Fund (WRF) II and is seeking candidates for two additional real estate investment funds focused on properties in Washington, D.C.: WRF III, another value-add fund, and the Small Residential Apartment Fund (SRAF). For more information about Urban Investment Partners and/or its funds, contact Steve Schwat on 703/740-8399.