WASHINGTON — Local developer Urban Investment Partners has acquired three buildings from American University and will turn two of them into apartments.
Included in the purchase is 4000 Brandywine Street, a 39,000-square-foot building that was long home to National Public Radio affiliate WAMU. The radio station moved out of the building in 2013. It is currently used as AU administrative offices and classrooms.
The second building slated for residential conversion is 4620 Wisconsin Avenue, a 60,000-square-foot building currently occupied by the university.
Urban Investment Partners also acquired 4545 42nd Street, a 39,000-square-foot commercial office rental building.
The developer acquired all three buildings from the university for $45 million, and says it will invest $75 million to gut and renovate the Brandywine Street and Wisconsin Avenue buildings, creating residential apartments within one block of the Tenleytown-AU Metro Station.
Urban Investment Partners has built, renovated or restored more than 20 apartment and condo buildings in the last 10 years.
