UIP Completes M-F Property Renovation, Drawn to Popular Adams Morgan Neighborhood
- Sep 20, 2013
A $7.5 million renovation project has brought new life to an old apartment building located at 1841 Columbia Road, N.W., in the heart of D.C.’s Adams Morgan neighborhood. Originally built in 1930, the building once known as “The Alcazar” now features energy-efficient HVAC systems, a green roof, a residents’ roof deck with panoramic views of the city and much more.
The eight-story property was acquired last year by Urban Investment Partners (UIP) in partnership with IRE of New York and Lubert-Adler of Philadelphia. It features 114 apartments in a great location, on the same block as popular restaurants such as Café Napoleon, Mintwood Place, Cashion’s Eat Place and Perry’s, as well as Yes! Organic Market.
UIP’s renovation project completely transformed the building’s lobby space, reintroducing the original entry facing Columbia Road to the property’s 20,000 square feet of ground-level and lower-level retail space. Bethesda’s StreetSense has been hired to find tenants for the one remaining retail space. The renovation project also included all-new kitchens and baths, in-home laundry equipment and upgraded electrical service. Thirty-eight of the original residents remained in their apartments during the renovation.
“This has been one of our most exciting projects because of the large scope of work, the building’s prominent location and the green technology that we have installed,” UIP Principal Steve Schwat said in a statement for the press. ”Long-term residents can now enjoy these improvements without rent increases beyond the standard annual CPI-based amount specified by D.C. rent control law.”
Adams Morgan is one of D.C.’s most desirable neighborhoods. Its attributes recently convinced the CIM Group, a leading real estate and infrastructure investment firm, to acquire three properties located there: The Argonne, Harvard Village, and Park East Apartments total 449 units.
The iconic Argonne is located at 1629 Columbia Road, N.W. The eight-story building features 276 units, 88 surface parking spaces and ground-floor retail. Harvard Village and Park East Apartments are located adjacent to each other on Summit Place N.W., just off Columbia Road. Harvard Village features 85 studios and two-bedroom units, while the seven-story Park East Apartments consists of 88 units ranging from studios to one bedrooms.
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