July 13, 2020
Urban Investment Partners has acquired two apartment properties in Washington D.C. for a total of $21 million.
The firm acquired The Waring, a 38-unit apartment property located at 1433 T St., from seller 1433 T Street Associates LLC for $12.5 million. In the second transaction, the firm acquired The Regent, a 37-unit property located at 2517 Mozart Place NW for $8.5 million from seller Mozart LLC. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each transaction.
The Waring was built in 1909 and is located nearby downtown Washington D.C. The property consists of a mix of studio, one- and two-bedroom floor plans. The Regent is less than a mile from the Waring and consists of a mix of studio through two-bedroom units averaging 732 square feet.
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