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Urban Investment Partners

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Urban Investment Partners
Company typePrivately held company
IndustryReal estate
Founded1999; 25 years ago (1999)
FounderSteve Schwat
Wout Couster
HeadquartersWashington, D.C.
Key people
Steve Schwat, Principal
Peter Bonnell, Principal
Websitewww.urbaninvestmentpartners.com

Urban Investment Partners (UIP) is company that develops apartments in Washington D.C. The company was founded in 1999 by Steve Schwat and Wout Couster.[1] In 2019 and 2020, tenants of a building owned by Urban Investment Partners launched a rent strike to protest mold, lead, poor maintenance, and other problems with the building.[2][3][4] The company initiated eviction proceedings against the non-paying tenants.[5][6]

Perdomo National Wrecking Company sued the company in 2018 for $221,000, alleging that Urban did not make "timely and complete payments" for work performed. In January, 2020, Edge Commercial sued Urban Investment Partners for breach of contract.[7] As of May, 2020, the company had not issued rent relief to tenants affected by the COVID-19 pandemic.[8]

In 2023, the assistant manager at UIP-managed property in Adams Morgan pepper sprayed a resident. The confrontation, which was caught on video, started when a resident asked the employee about flyers calling for a tenant's association that had been taken down. UIP released a statement apologizing for the incident and claiming that it was sincere in its efforts to restore water service to the building.[9][10]

History

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Urban Investment Partners originally specialized in acquiring and renovating brick buildings subject to rent control.[11]

Projects

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The company developed or invested in the following properties:

References

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  1. ^ "TOO HIP FOR G'TOWN?". Bisnow Media. February 9, 2009.
  2. ^ Berkon, Eliza (December 9, 2019). "Residents Are Protesting By Refusing To Pay Rent At One D.C. Apartment Building. Will It Work?". WAMU.
  3. ^ Rogers, Jamie (2020-03-05). "Councilmember Brianne Nadeau rallies alongside tenants to call for rent control reforms and expansion". www.streetsensemedia.org. Retrieved 2020-05-25.
  4. ^ Bajpai, Avi (2020-02-19). "Columbia Heights tenants describe the severe toll of apartments in disrepair". www.streetsensemedia.org. Retrieved 2020-05-25.
  5. ^ Berkon, Eliza (January 21, 2020). "D.C. Tenants Who Went On Strike Last Month Now Face Threat Of Eviction". WAMU.
  6. ^ "Columbia Heights Tenants Head To Eviction Hearing Amid Rent Strike". DCist. Archived from the original on January 22, 2020. Retrieved 2020-05-25.
  7. ^ "UIP Faces 2 Lawsuits For Breach Of Contract On D.C. Developments". Bisnow. Retrieved 2020-05-25.
  8. ^ Shapira, Ian. "Small businesses in high-rent cities face disaster. If they go under, urban life will change". Washington Post. Retrieved 2020-05-25.
  9. ^ Abraham, Roshan (June 28, 2023). "A Property Manager Pepper Sprayed a Tenant Union Organizer on Video". Vice. New York. Retrieved June 28, 2023.
  10. ^ Matter, Jacqueline (June 2, 2023). "Building manager allegedly pepper sprays tenant in Adams Morgan apartment building". Vice. New York. Retrieved June 2, 2023.
  11. ^ DEPILLIS, LYDIA (April 18, 2012). "UIP Rising". Washington City Paper.
  12. ^ "Hall on Virginia Avenue Sells to Urban Investment Partners". George Washington University. August 12, 2016.
  13. ^ Banister, Jon (January 24, 2019). "Insight Property Group To Convert Foggy Bottom Office Building To 153 Apartments". Bisnow Media.
  14. ^ Neibauer, Michael (February 16, 2016). "Big move in Tenleytown as developer acquires three AU buildings". American City Business Journals.
  15. ^ "Berkadia Secures JV Equity Financing for Condo Development in Washington, D.C." (Press release). Business Wire. June 18, 2019.
  16. ^ Neibauer, Michael (January 17, 2019). "UIP-led venture buys Kalorama Triangle apartment building, again". American City Business Journals.
  17. ^ Arcieri, Katie (January 29, 2018). "UIP buys D.C. apartment building for $96M". American City Business Journals.
  18. ^ Neibauer, Michael (August 13, 2018). "UIP, partner buy Cleveland Park apartment building for $42.5M". American City Business Journals.
  19. ^ Sernovitz, Daniel J. (December 21, 2012). "Urban Investment Partners buys Columbia Heights site for $2.4 million". American City Business Journals.
  20. ^ Clabaugh, Jeff (March 20, 2018). "Former WAMU headquarters now 'Frequency' apartments". WTOP-FM.
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