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]
| Company type | Privately held company |
|---|---|
| Industry | Real estate |
| Founded | 1999 |
| Founder | Steve Schwat Wout Couster |
| Headquarters | Washington, D.C. |
Key people | Steve Schwat, Principal Peter Bonnell, Principal |
| Website | www |
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 edit
Urban Investment Partners originally specialized in acquiring and renovating brick buildings subject to rent control.[11]
Projects edit
The company developed or invested in the following properties:
- Hall on Virginia Avenue in Foggy Bottom[12][13]
- 3 buildings near American University in Tenleytown[14]
- The TRIBECA in NoMa[15]
- Policy, a 62-unit apartment community in Kalorama.[16]
- Onyx on First in the Capitol Riverfront business improvement district[17]
- 3333 Wisconsin Ave NW in Cleveland Park[18]
- 1483 Newton St NW in Columbia Heights[19]
- Frequency Apartments in Tenleytown[20]
References edit
- ^ "TOO HIP FOR G'TOWN?". Bisnow Media. February 9, 2009.
- ^ Berkon, Eliza (December 9, 2019). "Residents Are Protesting By Refusing To Pay Rent At One D.C. Apartment Building. Will It Work?". WAMU.
- ^ 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.
- ^ Bajpai, Avi (2020-02-19). "Columbia Heights tenants describe the severe toll of apartments in disrepair". www.streetsensemedia.org. Retrieved 2020-05-25.
- ^ Berkon, Eliza (January 21, 2020). "D.C. Tenants Who Went On Strike Last Month Now Face Threat Of Eviction". WAMU.
- ^ "Columbia Heights Tenants Head To Eviction Hearing Amid Rent Strike". DCist. Archived from the original on January 22, 2020. Retrieved 2020-05-25.
- ^ "UIP Faces 2 Lawsuits For Breach Of Contract On D.C. Developments". Bisnow. Retrieved 2020-05-25.
- ^ Shapira, Ian. "Small businesses in high-rent cities face disaster. If they go under, urban life will change". Washington Post. Retrieved 2020-05-25.
- ^ Abraham, Roshan (June 28, 2023). "A Property Manager Pepper Sprayed a Tenant Union Organizer on Video". Vice. New York. Retrieved June 28, 2023.
- ^ Matter, Jacqueline (June 2, 2023). "Building manager allegedly pepper sprays tenant in Adams Morgan apartment building". Vice. New York. Retrieved June 2, 2023.
- ^ DEPILLIS, LYDIA (April 18, 2012). "UIP Rising". Washington City Paper.
- ^ "Hall on Virginia Avenue Sells to Urban Investment Partners". George Washington University. August 12, 2016.
- ^ Banister, Jon (January 24, 2019). "Insight Property Group To Convert Foggy Bottom Office Building To 153 Apartments". Bisnow Media.
- ^ Neibauer, Michael (February 16, 2016). "Big move in Tenleytown as developer acquires three AU buildings". American City Business Journals.
- ^ "Berkadia Secures JV Equity Financing for Condo Development in Washington, D.C." (Press release). Business Wire. June 18, 2019.
- ^ Neibauer, Michael (January 17, 2019). "UIP-led venture buys Kalorama Triangle apartment building, again". American City Business Journals.
- ^ Arcieri, Katie (January 29, 2018). "UIP buys D.C. apartment building for $96M". American City Business Journals.
- ^ Neibauer, Michael (August 13, 2018). "UIP, partner buy Cleveland Park apartment building for $42.5M". American City Business Journals.
- ^ Sernovitz, Daniel J. (December 21, 2012). "Urban Investment Partners buys Columbia Heights site for $2.4 million". American City Business Journals.
- ^ Clabaugh, Jeff (March 20, 2018). "Former WAMU headquarters now 'Frequency' apartments". WTOP-FM.