Urban Investment Partners Announces Changes
Kees Bruggen Leaves UIP; Schwat and Coster Remain
(Arlington, VA) Kees Bruggen, one
of three founding principals of Urban Investment Partners (UIP) of Arlington,
Virginia, has announced his intention to leave UIP to head a new U.S. office representing
Dutch Investors.
The other two founding principals of UIP, Steve Schwat and Wout Coster, will absorb
Mr. Bruggen’s responsibilities and take control of UIP and its subsidiary
companies, including Drummond Development, UIP’s for-sale development company. UIP
currently has 11 employees in its Rosslyn, VA office and will move to a new
headquarters at 3404 Connecticut Avenue, N.W. in Washington, D.C. in the fourth
quarter of 2008.
Mr. Bruggen will be sourcing new U.S. investments for Dutch Investors, with new
sponsors, outside of the Washington D.C. metropolitan area. At the same
time, however, Mr. Bruggen will continue funding new deals in the Washington,
D.C. metropolitan region with UIP.
UIP’s
Washington Residential Fund II, a value-add portfolio of urban multi-family
properties in the DuPont Circle and Kalorama neighborhoods of Washington, D.C.,
just completed its final acquisition, The Macklin - 3404 Connecticut Avenue,
N.W. The Fund’s other acquisitions have included: 1631 S Street NW (63 units), 1722 19th Street NW (89 units), 1706 T
Street NW (24 units), and 1921 Kalorama Road NW (63 units).
UIP is currently engaged in value-add activities with each property, including
renovations and additions.
UIP is in the process of creating a successor value-add fund known as Washington
Residential Fund III, and are seeking new potential property acquisitions candidates
for this Fund.
Since 2002, UIP has acquired over 2,000 rental apartment units in the Washington, D.C. metropolitan
area. The total value of UIP’s existing holdings is approximately $130 million.
Founded in Washington, D.C. in 2001, UIP is a leading real estate investment and asset
management organization known for innovative and profit-oriented property
investment. Its core activity is the creation and management of private
property funds designed to maximize returns for its investors.
