Urban Investment Partners has completed a $5.9 million renovation of The Policy, a seven-story historic apartment building in the Kalorama Triangle Historic District of Washington, D.C.
UIP acquired the 59-unit building at 1921 Kalorama Road, N.W. in July of 2008 for approximately $9 million. It was built in 1929 during the elegant period that preceded the Great Depression. According to his biography, Truman, then-Congressman Harry Truman considered renting there, but found it too expensive.
In partnership with UIP after exercising their rights under the District of Columbia's Tenant Opportunity to Purchase Act, a number of longtime residents remained in the building as renters and were the first to move into newly renovated apartments.
UIPGC (www.uipgc.com), a subsidiary of UIP, was the project construction manager. UIPGC provides cost-effective general contracting, design/build, construction management, full-service rental unit turn services, and industry-specific services for both UIP and third-party clients.
UIPPM (www.uippm.com), also a subsidiary of UIP, will provide professional property management services for The Policy. UIPPM provides cutting-edge management services to UIP's rental portfolio as well as a variety of third-party owners, lenders, and condominium associations.
"The Policy provides the ultimate opportunity for urban living with class and convenience in one of the District's most sought-after neighborhoods, the Kalorama Triangle," said Steve Schwat, a principal with Urban Investment Partners. "Here, you can live among the embassies, towering trees, and parks of the Kalorama district, while enjoying easy access to Metro's Red Line, the nightlife of Adams Morgan, and the shops and restaurants in and around DuPont Circle."
UIPGC has also been contracted to rehabilitate The Matheson, a large century-old row home at 1451 Harvard Street, N.W. in the Columbia Heights neighborhood of Washington, D.C. Following the renovation work, which is expected to be completed by July, the building's seven unique residential units will be sold as condominiums.
For sales information, visit: www.thematheson.com.
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 DC metropolitan region with a total valuation of over $185 million. For more information about UIP and/or its funds, contact Steve Schwat at 202/684-7840, or visit www.uipllc.com.