July 27, 2009– Washington, DC – Urban Investment Partners (UIP), a Washington, DC-based real estate investment firm, announced today the acquisition of Courtyard Park Apartments, a multi-family apartment community located just outside the District line in Hyattsville, Prince Georges County, Maryland. UIP acquired the property in partnership with Stonebridge Investments, B.V. of the Netherlands, for $4.1 million, or $43,617 per unit. The seller was CYP, Inc. of Maryland.
The acquisition was made for UIP’s third residential fund, Washington Residential Fund III. The first fund invested in four properties in PG County, the second fund acquired four properties in the Dupont Circle area. This third fund seeks to acquire compelling multi-family investments throughout the Washington, DC metro region. The BMC Property Group of Bethesda and the Milam Group of Marcus & Millichap brokered the transaction.
Courtyard Park is a 94-unit, garden-style apartment community located at 4201-4213 Oglethorpe Street in historic Hyattsville, which has undergone substantial mixed-use redevelopment in recent years focused on a new “arts district.” Property amenities include a private, landscaped courtyard; off-street parking; individual air-conditioning; laundry facilities; and wall-to-wall carpeting. Courtyard Park Apartments is currently 95 97 percent occupied.
“This is an exciting investment for us” said Steve Schwat, Principal of Urban Investment Partners. “Courtyard Park is located in a quiet, residential neighborhood, yet is only a stone’s throw away from Washington, D.C., Metro, the University of Maryland at College Park, and the new mixed-use University Town Center. With a significantly lower cost of living than Washington D.C. proper, we see strong growth prospects for the Prince George’s County rental market.”
The property will be managed by UIP’s in-house property management group, UIP Property Management, Inc. UIP’s in-house general contractor, UIPGC, Inc., will undertake a limited capital improvement program to include electrical upgrades, landscaping improvements and grading, signage improvements, and parking lot improvements.
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 multi-family properties in select neighborhoods. Since 2001, UIP’s principals have sponsored real estate funds throughout the DC metropolitan region with a total valuation of over $179 million. For more information about UIP and/or its funds, contact Steve Schwat at 202.684.7840, or visit www.uipllc.com.