Urban Investment Partners

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]

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

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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