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UrbanAmerica Sells Portfolio for $49M

WASHINGTON, DC-UrbanAmerica worked with partner Marshall Heights Community Development to reposition several of the properties.

By Erika Morphy | Updated on June 05, 2007

WASHINGTON, DC-UrbanAmerica LP, a New York City-based investor in urban properties, has sold its Washington, DC portfolio to Urban Retail Investors LLC for $48.5 million. Urban Retail Investors is a local private group.

The portfolio consists of seven office/retail mixed-use properties that UrbanAmerica acquired in 2000 and 2001 for $33 million, according to Richmond McCoy, president and CEO of UrbanAmerica. The firm then invested an additional $4 to $5 million to bring in new tenants and improve the appearance of the properties.

The properties are located at 3907 Benning Rd.; 322 40th St.; 4528 Benning Rd.; 1500 Franklin St.; 4001-35 South Capitol; 3839 Alabama Ave.; and 6505 Annapolis Rd. in Landover Hills, MD.

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