WASHINGTON, DC-Urban Investment Partners is intensifying its focus on the Adams Morgan submarket. Following its condo development at 1801 and 1811 Wyoming Ave., the local firm has acquired the Meridian Hill apartment building for $4.2 million. The 52-unit building is located at 2359-2401 Ontario Rd., NW.
“This is UIP’s fifth acquisition this year, adding 52 more apartments to our growing list of managed properties,” UIP Property Management president Dave Zweig, said in a prepared statement. “In the last three months we have hired two new property managers and four resident services coordinators to handle the increasing number of managed apartments.”
Per its usual value-add approach, UIP will be investing in a renovation of the property, of some $2.4 million. Upgrades will made to the building’s laundry room, hallways and parking areas, as well as its plumbing, heating, cooling and electrical systems. UIP General Contracting expects to begin work during the first quarter of 2012.
The acquisition included an agreement with the Ontario Road Tenants Association to make the improvements to the property, according to a prepared statement by UIP principal Steve Schwat. Rents will be increased in accordance with DC rent control laws. Ari Firoozabadi of Marcus & Millichap represented the seller, Ontario Partners, LLC.
Living space--be it apartments or condos--has become an active asset class in Adams Morgan. Besides UIP’s investment on Wyoming Avenue, Federal Capital Partners recently acquired a development site at 2337 Champlain St., NW, with plans of building approximately 40 condominiums.
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