$2.4M Renovation Planned for Meridian Hill Apartments; VCU Adds Student Housing Complex
- Sep 09, 2011
A 52-unit residential property located at 2359-2401 Ontario Road in the Adams-Morgan neighborhood was sold this week by Ontario Partners L.L.C. for $4.2 million. According to an official statement, the Meridian Hill apartment building was acquired by D.C.-based Urban Investment Partners, which will begin a $2.4 million renovation at the site.
UPI plans to upgrade, repair and restore the building’s common areas, such as the laundry room, hallways and parking areas. The renovation plans also call for improvements to the plumbing, heating, cooling and electrical systems. Other improvements include new front doors equipped with key fob- and telephone-based access that will be installed at both building entrances, a new bicycle storage room and roof deck, as well as upgraded kitchens and bathrooms.
UIP General Contracting (UIPGC), a subsidiary of UIP, plans to complete plans and permit applications by the end of 2011 and start renovating the property in the first quarter of 2012. According to Heath Wilkinson, president of UIPGC, the renovation is expected to be completed by fall 2012.
In other interesting real estate headlines, Citybizlist notes that a new student housing development called 8 ½ Canal Street at Virginia Commonwealth University opened this week. The 285,000-square-foot property, built by Gilbane Development Co., was 100 percent leased prior to opening and is ready to accommodate 540 VCU students.
The students living at 8 ½ Canal Street will have access to a 24-hour fitness center, a cyber café, a gaming center and a clubhouse. Apart from in-unit washers and dryers, high-speed Internet and premium cable, each unit is equipped with 42-inch flat-panel TVs, modern furniture and wood-style flooring. The apartments are available for individual or joint leases.