UIP Aquires Three Big Apartment Buildings in Columbia Heights and U Street

3435 Holmead Place, NW

I look forward to checking out the renovations when they begin.

From a press release:

Urban Investment Partners (UIP) has acquired three Washington, D.C. apartment buildings at a foreclosure auction for $12,375,000. The buildings, totaling 163 rental units, are located in the Columbia Heights area of northwest Washington.

This acquisition represented three of five properties recently foreclosed by a New York City-based investment group that acquired the debt on the properties from New York Community Bank. The buildings acquired by UIP, a leading real estate investment, development, and property management group based in the District, are:

1430 W Street, NW with 26 units ($3.25 million)
3308-3312 Sherman Avenue, NW, with 34 units ($2,075,000)
3435 Holmead Place, NW with 103 units ($7.05 million)

1430 W Street, NW

3308-3312 Sherman Avenue, NW Courtesy of UIP

59 Comment

  • me

    I wonder if this company will do anything about the constant drug dealing out of the building on V.

  • Glad to hear it, the building on Holmead could definitely use some work!

    • greenroofgoddess

      And someone to address the persistent loitering of ~10-15 guys who leave litter all over the sidewalks across the street and pee on neighbors’ garages…Which is a shame since some of the other residents are great!

  • UIP has the worst, THE WORST, apartment management team. They treat their tenants like second class citizens. They make really nice apartments and all, but I would definitely think twice before you move into one.

    • Anything is better than what is going on in the W Street building. A large percentage of the units are empty from evictions, and the place is infested with rats, bed bugs, etc. There’s rampant drug dealing going on. This is huge news for W Street and it will make a big difference to improving the block.

  • Fanfuckingtastic.

  • Judging from the website, it looks like UIP manages relatively high-end, market-rate apartments. It will be exciting to see what they do with these properties.

  • They’re going to have to move everyone out and more or less gut these places to really improve them, if that’s what they’re planning.

    • I lived in a UIP property. If there are residents, they move them to temporary apartments that they are not working on in the same building, work on the half of the apartments that are vacant, then transfer the people back into their new apts.

      • Damn isn’t that expensive? And tenants would still have to agree right? If they wanted to turn the building around within a year that’s what they would have to do.

        But how do they make their money back on people paying the old rents living in newly refurbished apartments?

        • At my building, they had the tenants agree and sign paperwork saying UIP could jack up the rent for the new tenants by a high percentage. That way, they can provide old rents to the old tenants and new – very high – rents to the new tenants.

  • Gentrification is the answer.

  • i’m curious as to what happens to the people who live there… and if they get a decent amount of notice to find alternate accommodations…

    • At a minimum they have to honor the current leases. They may begin renovations on vacant units and rent increases (@ max of 10% per year) on occupied units, so it won’t be an immediate change.

  • Given the protections tenants have under DC law, what can this group do with these properties?
    I can’t see spending a ton of money to rehab and modernize non-vacant units unless the end result is raising rents or turning the building into condos. Is either course feasible under DC law?

  • I thought W street was public housing. I guess not.

  • condo please!

  • This is all part of the reverse “white flight” trend taking place, which is turning DC into a European-type city with a beautiful and wealthy inner core and a poor belt that runs around it.

    An interesting article about section 8’ers heading off to the burbs, which will cause ‘burbans to flee farther out or, given jobs and gas prices, inward.


    • I absolutely agree that we’re creating banilieues of our own here. I think this is one of the most astute points that anyone makes about gentrification.

      I also think that Paris is a hell of a model for any city — especially Washington, DC. The European models aren’t perfect, but I think that they’re improvements on the inner-city decay that we’ve seen here over the past couple of generations. Ideally we’d find a compromise.

    • There was another article today in the Post that says the Boomers in the suburbs are staying put, instead of moving to Florida or Arizona. I think cities will become homes to the extremes, young and old. Kids under 30 who crave the excitement and those over 65/70 who enjoy the culture and the transportation options that relieve them from driving.

      Personally I never want to live outside of a city. New York, Boston and now DC. I love it.

      • I agree in the shorter term. However, the death of the boomers will probably be the end of the middle/upper class white presence in the burbs. As the cities gentrify, the schools will improve (and conversely, as the burbs become poorer and schools worsen and crime rises and you’ll see more families back in cities.

        I think the U.S. experience over the past few decades of making cities the holding pens for the poor and Bohemian was a fluke, driven by cheap oil and housing subsidies.

        Best thing you can do: buy property as close in as possible.

        • Great series of posts.

          I agree with you, except for the fact that I think certain suburban “cores” are going to gain in prominence relative to other declining suburban areas — Old Town, downtown Bethesda, etc. However, eventually DC will become so pricey that suburbs will again experience population growth as the middle class is gentrified out of the city. I wholeheartedly agree with:

          “Best thing you can do: buy property as close in as possible.”

          I really think the next 10 – 15 years are the last time to get a house in DC proper as a middle class citizen. The idea of buying a house in lower NW or lower NE will be unattainable for our kids.

  • Holmead neighbors, let’s all take a vow to attend whatever public meetings take place on this to make sure that there is parking included for these units. The Allegro tenants have a garage but instead park on the street — imagine what will happen when the new tenants for this building opt for free street parking.

  • This is such great news for Holmead Place, what an eyesore that apartment bldg is. Its moslty all studio apartments and, as mentioned, groups of latinos always hangout right across the street and litter all over the place. Good Riddance~!

    • Racist much?

      • Damn Latinos, playing their salsa music and eating their tacos. Leaving their Corona bottles and immigrant-picked fruit all over the sidewalk.

        • @Graham,

          Please give me your address so I can promptly come pee on your yard, leave my trash on your door, and play music outside your bedroom at 1 AM.

          Because apparently you don’t mind.

  • I coulda sworn the Holmead building had been sold at auction a year or two ago. Read it right here on PoP, I though. Clarification, anyone?

    Re: parking… it’ll be interesting. IIRC, that building is almost entirely studios and one-bedrooms. (Something like six two-bedrooms in 100+ units.) So we can guess from seeing the tenants come and go, it is way, WAY overoccupied. (Lots of families.) If it becomes market-rate housing, will the number of cars go up, because the new tenants can afford cars whereas some of the current tenants cannot, or will it go down, because the total number of tenants will go down?

  • The Holmead Place Apts has a large, underutilized parking garage. Entrance is in alley.

  • Racists? How am I racist…they are latinos, fact. If I see a blue bird and call it blue am I being racist? Idiot.

    • Labeling them as Latino adds nothing to the story except a racial element. Is them being Latino the only way you can describe them? Why do we need to know their race?

      How about short, blond, fat, unemployed, litterers, smokers loiterers, male etc.

      Why does their race matter at all?
      Because you are a “racists”.

      • I’m not the person who posted the Latino comment. However, just to throw this out there…

        Oprah said decades ago that it’s racist NOT to mention race, because it implies that everyone needs to be considered neutral or white as though non-white is shameful. She also said that she wants people to refer to her as a black woman because she is black. She doesn’t want people to avoid it by saying she’s just a woman.

        Just sayin…

        • I presume that their ethnicity had little to do with the undesirebility of their behavior. So why not refer to those that are causing problems as hoodlums, trouble makers…the behavior is the problem not their ethnicity.
          Okay getting off soap box.

          • If he had said “all those guys standing there loitering”, would that have been sexist? Doesn’t that imply that only men have the problem of loitering, an undesirable behavior?

            Calling a group of people with shared ethnicity “hoodlums” raises worse issues than calling them by their race.

          • Tres you have to take into account the history. Women have no disparaging history as loiterers. Latinos do.

          • So it’d be okay to mention ethnicity only if they were white hipsters? I think Oprah’s right — treating racial terms like dirty words is bad. This conversation reminds me of the white people who never use “black”, but instead say (in a whispered voice) “African American”.

            I think — like you mention below — you’re responding to the intonation you read in the OP’s comment. His tone was harsh, but I don’t think either of us know him well enough to know what he was thinking.

            I’m just very bothered that everyone jumps to the most extreme labeling of others’ behaviors. If someone’s not being PC, then they’re by default racist? Can’t we form a more nuanced opinion?

            I recommend a “Racist Score”. 1 to 100, 100 being the *most* racist.

          • In a way, yes, it wouldn’t be considered racist to say white hipsters were loitering.

            Just like its not racist to say white people love fried chicken and watermelon but is racist to say the same about blacks. Historical context bears significance.

            But, I agree, it takes a lot more than a few sentences on a blog to make someone a racists lol.

      • Interesting viewpoint….

        Although I can’t rationalize how saying:

        “A man is littering on the corner”

        is MORE racist than

        “A Latino man is littering on the corner.”

        I suppose that when there is a scenario that flies against common stereotypes, it’s beneficial to affirm it.

        • Is it possible to mention race in any negative issue without it being “racist?” This is like the on-going argument over whether “teens” are terrorizing the city or predominantly “black teens.” Whereas one sounds racist, the other sounds disingenuous.

        • It is more racial, but not racist.

          The original comment was merely descriptive and did not make commentary on the offenders. If the commenter had said that “the occupants of that building always leave their trash…etc,” people would be up in arms about because there are so many good peeps who live there.

          So to specify the bad apples, the commenter noted who the group was so as not to have the comment miscontrued.

          The internet is a rough place, I tellyawut.

          • @anon Definitely possible to mention race in a non racists way especially when it adds significance to the dialogue like your example.

            @BS I get what you are saying but the reverse argument is just as true. What made me throw out the racists card was the intonation more than what was actually said.

            Bottom line is this, lets evict the Latinos whether they litter or not. Between that damned salsa music and “me no speake engles” every-time I ask them for a authentic Mexican restaurant, I can’t stand the lot of them.

        • “A man is littering on the corner.”

          “A white man is littering on the corner.”

          Neither statement is racist.

          “A bad white man is littering.”


          • Not quite. A bad white man, who is bad because he is white, is is littering. That is racist.

          • Thanks! I realized that after. Which just goes to show how ambiguous our written statements can be. It’s a lot harder to judge without the context you get actually talking to someone in person.

  • Seems like lots of positive movement on Sherman Ave. lately, a bunch of other apartment buildings undergoing renovation, or recently completed. By the time the new street scape is completed in 1.5 years, it should be a far more attractive area.

  • The Holmead place is a fantastic location. Would make awesome condos since the building has great bones. Selling units with parking is a plus. Could easily reduce the 103 units to 50 larger apartments, renovate, and flip at $300,000+ each. Profit: $7 million plus.

    Get it done!

  • For those lamenting the “gentrification,” I suggest you lay down your self-hating for a moment to consider the following about the W st property:
    1) Records show it is at least 50% EMPTY. So a limited number of people being “pushed out,” and clearly the building is terribly managed for those who are there.
    2) In the past 2 years, there have been four (4) shootings on the block associated with this property, in addition to dozens of police reports filed on dealing crack cocaine, raising dogs to fight (yes, you read that correctly) guns, fighting, etc.
    3)There are several other large buildings on this block that are reserved and protected for low income families- the Co-ops. One 2br unit was recently for sale there for around $94k- far below market rates.

    I can assure you that ALL the families who live on this block will all breathe a sigh of relief that the Madeira is changing hands. No one wants to live near people who engage in repeated violent and criminal activity. They make terrible neighbors.

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