WASHINGTON, DC—Urban Investment Partners and Philadelphia-based Lubert-Adler Partners have acquired Embassy Towers, a 72-unit apartment building in Adams Morgan for $13.25 million. The property is located at 1620 Fuller St., NW, across the street from the former Italian embassy building, which is slated for redevelopment.
Prior to the acquisition, UIP reached an agreement with the Embassy Towers Tenant Association, allowing UIP to undertake major renovations to the common areas and individual apartments. The buildings' tenants have not yet decided whether to convert their apartments to condominiums, or continue as rentals. If a minimum number of tenants agree to buy their renovated apartments as condominiums and they qualify, the condominium conversion will go forward, and sales will begin in late 2016.
Either way UIP will invest more than $8 million in building renovations.
Embassy Towers, built in 1932, was acquired from a private family consortium, which had held the property for decades.
Alan Davis and Brendan Flood of HFF represented the seller in the transaction.
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