AUSTIN, TX - Washington, D.C.-based UIP Companies, Inc. (UIP) will develop a ground-up apartment and retail building at 5300 Baltimore Avenue in the heart of the downtown Arts District in Hyattsville, Md., which is situated between the District of Columbia line and the University of Maryland, College Park.
Canvas apartments will have 285 units (a mix of studios, one and two-bedrooms), 31,660 square feet of ground-floor retail, and 681 parking spaces with 250 dedicated to neighborhood retail and the Crossover Church next door.
Canvas is in the center of the Hyattsville Arts District and walkable to coffee shops, restaurants, retail and schools. The location is just two miles from the D.C. line to the west and the University of Maryland, College Park, with 40,000 students, to the east. The most important demand driver besides the university is the growing Discovery District less than three miles away — an office park that has attracted technology and financial companies including Adobe, Capital One and WeWork.
The project is on the Route 1 artery that connects Suburban Maryland to Washington, D.C., and is convenient to the Riverdale MARC Station, which is one stop away from Washington’s Union Station, a regional transportation hub. Canvas is less than two miles from two Metro subway stations.
UIP has capitalized the project with $27.1 million in equity and grants, including $19.1 million in crowd-sourced equity raised from 422 individual investors on CrowdStreet. Additionally, they sourced $42.8 million in proceeds from a ground sale-leaseback with Safehold and $42.3 million in senior debt from Parkview Financial.
Torti Gallas and Partners is the project architect. Initial occupancy is expected in the fourth quarter of 2023.
Steve Schwat, Principal of Urban Investment Partners, commented: “Canvas represents a significant investment in a submarket with strong occupancy, steady rent growth and consistent demand for institutional quality multifamily property. The project’s location between the District of Columbia and the University of Maryland in College Park is vibrant, highly walkable and increasingly amenitized, making it even more attractive to renters, diners and arts patrons.”
“This was our sixth offering on the CrowdStreet Marketplace. Based on the successful interaction, we now consider a potential role for retail investors in virtually every project. Thanks to CrowdStreet for helping us make the most of the opportunity to tap individual investors to raise equity for Canvas.”
David Govshtein, Managing Director of CrowdStreet, added: “By CrowdStreet’s investment thesis, the Washington, D.C. metro area including Suburban Maryland ranks highly overall and as a top market for multifamily development on our ranking of Best Places to Invest in 2022.”
“UIP’s track record in the market fueled investor interest in this project, which is in a submarket expected to outperform most areas in the D.C. region for rent growth in coming years. Kudos to UIP for creating the opportunity, which generated a positive response from investors on CrowdStreet.”
About Urban Investment Partners: Urban Investment Partners (UIP) is a real estate investment firm specializing in multifamily and mixed-use residential properties, primarily in the Washington, D.C. metropolitan area. UIP is dedicated to preserving local communities, crafting compelling development visions, and delivering strong projects that leave a lasting impact with the highest standards. Over the last 19 years, UIP has grown into a vertically integrated local apartment building owner and developer, property manager and general contractor. UIP has invested more than $1.5 billion in the Washington region with more than $900 million in assets under management. For more information, visit www.UrbanInvestmentPartners.com
About CrowdStreet: CrowdStreet, the largest online private equity real estate investing platform, provides individual investors direct access to a diverse range of institutional-quality investment opportunities. Investors benefit from real estate investment education combined with the ease and convenience of online investing through an advanced marketplace. Sponsors benefit from a highly efficient way to tap individual investors to raise capital and manage investor relations. To date, sponsors have raised more than $3 billion on CrowdStreet for more than 600 projects. CrowdStreet is helping to create a community where individual investors and experienced real estate firms can work together to expand participation in real estate investing with the goal to build wealth. For more information, visit www.CrowdStreet.com