Less than one year after acquiring the vacant and dilapidated 21-unit apartment building at 1346 Park Road in the Washington, DC neighborhood of Columbia Heights, Urban Investment Partners (UIP) has completed a $2.7 million full-building restoration. The building will be operated as a rental property and is currently in active lease-up.
This historic structure now has 28 modern apartments located just one block from Metro and across the street from the new Giant supermarket. The total gut renovation transformed 21 original one-bedroom units 28 into mostly two-bedroom, two-bath residences, including seven apartments added to the terrace level. The building has new plumbing, electrical, heating/cooling systems as well as a new roof, windows, and condo-level finishes. UIP opened the original balconies on the front of the building, restored the original façade design, re-planted an interior garden space, and replaced previously added windows that were inconsistent with the original historic exterior.
The renovation work, performed by UIP General Contracting, Inc. (UIPGC), provided newly remodeled apartments with smart appliances, kitchen islands with book shelves and granite tops, glass tile backsplashes and renovated wood floors. UIP Property Management, Inc. has taken over day to day management of the building.
Prior to the beginning of the renovations, a number of longtime 1346 Park Road NW residents temporarily moved into other apartments for the duration of the renovation. Now that the renovations are complete, UIP is moving these residents back into their newly remodeled apartments at their original rent-controlled rents. UIP is covering all moving costs for these longtime residents, and also providing custom finishes and added optional extras at no cost to these residents.
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 recently redeveloped Giant grocery store complex that includes the renovated Tivoli Theatre and Five Guys Burgers and Fries. “1346 Park Road is a great example of how UIP is able to bring century-old, rent-controlled urban buildings back to life, while maintaining their character, to provide desirable in-town rental housing opportunities for another century,” said Steve Schwat, Principal, UIP. “It also is an example of how we work with our tenants to provide them with modern rent-controlled homes at affordable rents, while minimizing disruption to their lives.”