UIP, Stonebridge Acquire Hyattsville Apartment Community
Urban Investment Partners (UIP), a Washington, DC-based real estate investment firm, has acquired the Courtyard Park Apartments, a multi-family apartment community located just outside the District line in Hyattsville, PG County, from Md-based CYP, Inc.
UIP acquired the property in partnership with Stonebridge Investments, B.V. of the Netherlands, for $4.1 million, or $43,617 per unit. 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 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.
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.
"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.
