UIP Aquires 1346 Park Road NW (across from Columbia Heights Giant) Gut Reno Coming

Photo courtesy of UIP

From a press release:

Urban Investment Partners (UIP) has closed on its sixth acquisition of 2011 with the purchase of 1346 Park Road NW in Columbia Heights. An entity controlled by Someck Development and Northridge Capital sold the property to UIP for $3.7 million.

MAC Realty Advisors’ Andrew McAllister represented the seller of 1346 Park Road NW. “This transaction showcases UIP’s continued momentum in the urban space,” said McAllister, who represented this same seller in the sale of 1349 Kenyon Street, NW to UIP earlier this year.

UIP plans to invest $2.7 million on a full “gut” renovation of the historic structure, including new plumbing, electrical, heating, and cooling systems as well as a new roof, windows, and condo-level finishes. UIP plans to add seven apartments on the cellar level for a new total of 28 units. The existing one-bedroom apartments will be remodeled to create new apartments with two bedrooms and two bathrooms. The scope of work also includes opening up the balconies on the front of the building, restoring the original façade design, and eliminating previously added windows that are inconsistent with the original, historic exterior.

The seller planned but never implemented a restoration of the building, which has remained vacant for more than two years. UIP General Contracting, Inc. (UIPGC), a subsidiary of UIP, is performing the renovation work, which is expected to be completed by October of 2012. As with many UIP projects, prior residents will return to brand-new apartments at their old rents after the renovations have been completed.