A joint venture led by Urban Investment Partners (UIP) has acquired the Policy, a 62-unit apartment community in the Kalorama neighborhood of Washington, D.C., for $22 million from Goldman Sachs & Company.
Built in 1929, the Depression-era building is located at 1921 Kalorama Road N.W., in one of the city’s most historic neighborhoods. The Policy was 95 percent occupied at the time of sale. The property is comprised of a mix of studio, one- and two-bedroom units with an average size of 746 square feet.
The Policy is a short walk from the center of Adams Morgan, a neighborhood that offers numerous dining and entertainment options. Residents at the building also have easy access to shopping, dining and transit options in the nearby areas of Georgetown, DuPont Circle and Woodley Park.
Second Time Around
UIP previously owned the building from 2008 to 2014. After acquiring the property in 2008, the firm completed a gut renovation before selling it in 2014 to Goldman Sachs & Co. UIP owns and manages two other apartment communities in the area: 1940 Biltmore Street and 1841 Columbia Road.
“We are excited to be welcomed back to a building that we fully renovated in 2010 – a building that still looks great while providing rent-controlled housing to its residents,” said Pete Bonnell, UIP Principal, in prepared remarks. “We look forward to working once again with many old friends and the Policy’s tenant association.”
In August of 2018, UIP acquired a 100-unit apartment community in the Cathedral Heights neighborhood of Washington, D.C., for $42.3 million, with plans to renovate the property.
Image courtesy of Yardi Matrix