D.C. Real Estate Firm Buys Gaithersburg Apartment Complex

PHOTO| UIP

Urban Investment Partners (UIP), a D.C. based real estate firm, has acquired the Walker House in Gaithersburg for approximately $31 million.

Previously owned by Washington REIT, the 212-unit apartment building located just off Route 355 on Walkers Choice Road, is UIP’s first acquisition in Montgomery County, according to a news release.

“UIP is known for renovating Depression-era buildings in Washington, D.C., but we also have been active in Prince George’s and Anne Arundel Counties in Maryland,” Steve Schwat, principal for UIP, said. “This is our first acquisition in Montgomery County, and we are actively looking for additional opportunities to bring our expertise to other properties in the District’s close-in suburbs.”

UIP is planning to renovate the apartments with updated cabinets and counters, appliances, lighting, and flooring.  The company also plans to update the existing fitness center, lounge and other shared amenity spaces.

The company owns and manages more than 2,500 apartments in Washington D.C. and surrounding areas and has restored more than 25 apartment buildings and condominiums over the last ten years, according to a news release.

For more information about the company, click here. 

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