A — December 6 - 19, 2013 — Mid Atlantic Real Estate Journal
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ASHINGTON , DC —Agroup that includes Washing- UIP General Contracting will do reno of Capitol Park Towers Apts. UIP, PRP, Perseus Realty acquire 289-unit apt. complex in Southwest Washington, DC W Douglas Development begins con- struction on rehab of former bank
with the New Capitol Park Towers Tenants Association that allows for us to pre- serve another rent controlled property while providing residents with meaningful improvements at the prop- erty with no rent increases outside of standard annual increases under rent control,” said Steve Schwat , princi- pal at UIP. UIP General Contract- ing, Inc. , a subsidiary of UIP, will perform the renovation work. UIP subsidiary UIP Property Management, Inc . is property manager. n
ton, DC-based Urban In- vestment Partners (UIP), PRP LLC , and Perseus Realty has acquired the 289-unit Capitol Park Tow- ers apartment complex at 301 G St., SW, Washington, DC. The group plans to in- vest in significant improve- ments over the next several years. “UIP is excited to be mov- ing into Southwest Washing- ton. We’re very pleased to have reached an agreement
RICHMOND, VA — Doug- las Development announced that construction has begun on the former Central Na- tional Bank building, located at 219 East Broad St. in down- town Richmond, VA. Working with CommonwealthArchi- tects Douglas Development will rehabilitate one of the city’s most iconic landmarks and convert it into a 23-story residential community. The mixed-use project will com-
219 East Broad St., Richmond, VA
Capitol Park Towers
bine modern functionality and amenities with a historically preserved building that will help revitalize Richmond’s central business district. Douglas Development Prin- cipal and senior vice president, Norman Jemal comments on the new development oppor- tunities in Richmond: “The city is changing and more office buildings, restaurants, and shops are opening in downtown Richmond. Now the Central National Bank building will offer contempo- rary housing for those who want to live closer to work or school.” On the former bank’s up- per floors, the rehabilitation will offer prospective tenants more than 200 studio, one, and two bedroom apartments, approximately 220,000 s/f. n R I CHMOND , VA — Hirschler Fleischer i s pleased to announce its repre- sentation of RRIApartments I, LLC in its recent purchase of a mixed-use property in downtown Roanoke, VA. The transaction includes a 157-unit apartment building and 28,230 s/f of commercial space. This is the first phase of what will eventually become a 22-acre mixed-use project known as “The Bridges.” The Hirschler Fleischer attorneys involved in the transaction include M. Ryan Jenness , Lisa J. Hed- rick , C. Brandon Spalding, Jr. and Anita G. Vaughn . Upon completion, the devel- opment will include 260,000 s/f of residential space and 368,000 s/f of commercial space. n Hirschler Fleischer reps. in Roanoke Riv- erfront investment
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