Urban Investment Partners (UIP) has closed on its sixth acquisition of 2011 with the purchase of 1346 Park Road NW in Columbia Heights. An entity controlled by Someck Development and Northridge Capital sold the property to UIP for $3.7 million.
MAC Realty Advisors’ Andrew McAllister represented the seller of 1346 Park Road NW. “This transaction showcases UIP’s continued momentum in the urban space,” said McAllister, who represented this same seller in the sale of 1349 Kenyon Street, NW to UIP earlier this year.
UIP plans to invest $2.7 million on a full “gut” renovation of the historic structure, including new plumbing, electrical, heating, and cooling systems as well as a new roof, windows, and condo-level finishes. UIP plans to add seven apartments on the cellar level for a new total of 28 units. The existing one-bedroom apartments will be remodeled to create new apartments with two bedrooms and two bathrooms. The scope of work also includes opening up the balconies on the front of the building, restoring the original façade design, and eliminating previously added windows that are inconsistent with the original, historic exterior.
The seller planned but never implemented a restoration of the building, which has remained vacant for more than two years. UIP General Contracting, Inc. (UIPGC), a subsidiary of UIP, is performing the renovation work, which is expected to be completed by October of 2012. As with many UIP projects, prior residents will return to brand-new apartments at their old rents after the renovations have been completed. Learn more about UIPGC at www.uipgc.com.
UIP subsidiary UIP Property Management, Inc. (www.uippm.com) will manage the property upon completion of the renovation.
Although the building has no on-site parking, it is only one block from the Columbia Heights Metro station and is directly across the street from the “new” Giant grocery store complex that includes the renovated Tivoli Theatre. “Residents will be able to roll out of bed and right into Giant or Starbucks for a cup of coffee, then on down into Metro and get to work before the buzz wears off,” said UIP Principal Steve Schwat. “Then you can stop for groceries on the way home. Is there a better address in Columbia Heights? Maybe 1349 Kenyon, which UIP also is renovating and backs up to 1346 Park Road.”
Founded in 2001, the UIP family of companies is a leading real estate investment, development, and property management firm based in Washington, DC. The firm invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in select neighborhoods. Since 2001, UIP’s principals have sponsored real estate funds throughout the D.C. metropolitan region with a total valuation of over $375 million. For more information about UIP and/or its funds, visit www.uipllc.com.