(GlobeSt.) — There has been little new development of multifamily product–like most other asset classes–in the DC region for the past 18 months. Indeed, new projects and the firms that are starting them–most notably AvalonBay’s commitment to building new projects–are seen as outliers.
That said, the next best thing is starting to happen: redevelopment of such properties. Urban Investment Partners, for example, has completed a $5.9-million renovation of the Policy, a seven-story apartment building in the Kalorama Triangle Historic District of Washington, DC. UIP acquired the 59-unit building at 1921 Kalorama Rd. in July 2008 for approximately $9 million.