American University Portfolio
Following the University’s vacation of the properties (projected to commence Q3 2016), the partnership plans to convert two of the three buildings to Class A market rate rental apartments, attractive to both students and non-students alike. The third building is being studied for a similar use, but may represent entirely new construction versus renovation and repositioning.
Offering significant on-site parking, a walkable community with Whole Foods, Panera, Starbucks, Best Buy, The Container Store, and other retailers, the venture will be delivering Class A apartments to a submarket which has had fewer than 100 new units delivered in the past decade.
The institutional financial partners include a real-estate focused private equity fund which is a long-standing partner of co-sponsor Urban Investment Partners, as well as a top quartile hedge fund.