A partnership between Urban Investment Partners (UIP) of Washington, DC and The JCR Companies of Arlington, VA has acquired two apartment buildings in the Brightwood neighborhood of Washington, D.C. for $6.3 million. The JCR Companies provided 90 percent of the equity and UIP provided 10 percent. The two buildings are: The Rockford with 66 units at 1444 Rock Creek Ford Road, NW and 1371 Peabody Street, NW with 14 units.
This is the third apartment building in Brightwood that UIP has acquired in partnership with JCR. The first was the 55-unit Homestead Apartments at 812 Jefferson Street NW, which the partnership acquired in September of 2010. The two most recent acquisitions are the final components of the "The Brightwood Trio" totaling 135 units with a total acquisition cost of $9.9 million.
"These three apartment properties reflect our core business plan of investing in well-located infill assets in the Washington, D.C. market," stated Joe Reger, Managing Partner of The JCR Companies. "We are hoping to invest $15-20 million of equity into this product type in the next 24 months."
"We have been prolific buyers of real estate in this very stable and quiet residential upper Northwest neighborhood," said Steve Schwat, UIP Principal. "We now own and or manage more than 400 apartment homes in this submarket, and we are on track to acquire more in 2011."
"Brightwood is a beautiful, tree-filled neighborhood that encompasses Walter Reed Army Medical Center, Fort Stevens, and much of Rock Creek Park including its equestrian center, tennis center, and golf course," Schwat added.
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 multifamily 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 $225 million. For more information about UIP and/or its funds, visit www.uipllc.com.
The JCR Companies is a real estate investment and asset management firm based in Arlington, VA., focused on producing above-average returns for its investors through the strategic acquisition of irreplaceable real estate assets in primary markets across the U.S. For more information on The JCR Companies, visit www.jcrcompanies.com.