UIP acquired the high-rise community in January 2022. Built in 2010, Millennium holds 300 rental apartments and 7,110 SF of retail space . 1330 South Fair Street represents a unique opportunity, steps away from Amazon’s HQ2 and with proximity to Ronald Reagan Washington National Airport and the Pentagon. UIP plans to upgrade the apartment kitchens and bathrooms as well as adding around 5,000 SF in retail space.

Investment Highlights:
• Master lease – reduces vacancy and expenses
• Upgrade finishes – in-unit capex budget of $15K+ per unit
• Take advantage of the “Amazon Effect” demand driver and rent growth
• UIP’s USPs provide convenience and sophistication to otherwise typical accessories like closet hardware, custom medicine cabinets, under vanity lighting, and interior cabinet lights
• Activating street level common area facing the green into revenue producing retail space with a piazza by adding approximately 5,000 SF of retail on the east side of the property
• Capture retail loss to lease ($20+/SF)
• Largest apartments in the submarket
• Upgraded finishes in line with the top submarket comps