Urban Investment Partners Acquires Apartment Building in D.C. for $42.5M

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a Giant supermarket, CVS/pharmacy, restaurants, service retailers and fitness venues. The community includes a mix of studio to two-bedroom units and features a fitness center, clubroom with a bar and pool table and an onsite Zipcar station. UIP plans to upgrade the building’s common areas and make improvements to individual unit interiors starting in the first quarter of 2019. UIP Property Management is managing the property.