Urban Investment Partners (UIP) has completed a two-year gut renovation of a formerly vacant apartment building originally developed by iconic Washington, DC real estate entrepreneur Harry Wardman in Columbia Heights. Isabella now offers 38 modern apartments that are now 65 percent leased.
When acquired by UIP in December 2012, the building at 1483 Newton Street, NW had been vacant for more than two decades and had been condemned by the DC Condemnation Board. It was one of the last blighted, vacant multifamily properties in Columbia Heights. “This was the most run-down building we have ever purchased, with holes in the roof, collapsing floors, and a failing façade,” said UIP Principal Steve Schwat. “It’s a joy to see the restoration of this classic structure, and the apartment homes are nothing less than spectacular. This is what we love to do.”
UIP General Contracting, Inc. (UIPGC) performed the $4.2 million renovation; Bonstra Haresign was the architect of record. UIP Property Management Inc. (UIPPM) has taken over management of day-to-day operations. For leasing information, call: 202.885.9785, visit www.1483newton.com.
Isabella is one of the “Seven Sisters” – seven identical buildings between Newton Street and Meridian Place NW, all developed by Wardman and designed by architect Albert H. Beers in the early 20th century. UIPGC recently renovated the exterior and common areas of another one of the Seven Sisters: the 24-unit 1489 Newton Street Cooperative located next door to Isabella.
Isabella’s newly designed apartments feature such up-to-date amenities as Nest learning thermostats, LG washer/dryers, USB charging outlets, open kitchens with islands, balconies, patios, granite counters, tiled kitchen backsplashes, and more. Fourth floor apartments have special flooring and other unique finishes.
The UIP family of companies owns and manages more than 3,000 apartments in Washington, DC and Maryland and has renovated and restored more than 20 downtown apartment buildings over the last eight years. UIP’s primary focus includes working with tenants in Washington and helping them exercise their TOPA (Tenant Opportunity to Purchase Act) rights. UIP is also active in entitling land, new development, and acquiring residential assets in the close-in Washington, DC suburbs. For more information, visit www.uipllc.com and www.uippm.com