UIP Acquires 1841 Columbia Road, NW in Adams Morgan, Major Renovation Planned

1841 Columbia Road, NW photo courtesy of UIP

From a press release:

Urban Investment Partners (UIP) in partnership with Infinity Real Estate (IRE) of New York City has acquired a 114-unit apartment building at 1841 Columbia Road, NW in Washington, DC, formerly known as The Alcazar, for $26 million. The seller was Fairfield Residential Company. Arbor Commercial Mortgage of New York provided the acquisition and project debt financing for the venture.

1841 Columbia Road is a prominent pre-war mixed-use building conveniently located in the heart of Adams Morgan. The property features 20,000 square feet of prime neighborhood retail space. Current retail tenants include Napoleon Bistro, Bedrock Billiards, Gary Taylor Framing, Bank of America, World Cleaners, and Fleet Feet, which specializes in running, bicycling, and swimming gear and is owned by local resident Shawn Fenty, brother of former Washington, DC Mayor Adrian M. Fenty.

The partners plan to invest more than $7 million on a comprehensive building renovation and modernization program to include a complete window and retail storefront replacement, a new environmentally friendly water-sourced heating and cooling system, redesigned common areas, and a rooftop terrace certain to be one of the largest and most exciting resident amenities in the District.

8 Comment

  • oh no… that’s a good retail block. hope business interruption will be minimal.

  • Wow, they got a steller deal on the place. 26+7 = 33 million in to end up with 114 completely renovated apartments AND 20K sq/ft of already leased space.

    The leased retail alone probably services the entire purchase and renovation debt, what they make on the 114 apts every month will just be gravy.

    • Hmm… it didn’t look clear to me from the above that they’re going to completely renovate the 114 apartments.

      Sounds like they’re definitely getting new windows, a new HVAC system, redesigned common areas, and a new roof terrace… but I’m thinking that if they were going to completely renovate the apartments, the press release would’ve said so.

  • It would be hard to do too much to the units considering they are currently occupied and are unlikely to be kicked out due to DC renter laws.

  • I think tenants are being offered very generous cash offers to vacate (upwards of $20k). I’d leave for that!

  • They best not go amessing with Bedrock, a great place to hang out in Adams Morgan.

  • Many people will be taking the buyout and those units will be renovated. I think the retail space will be minimally impacted. As a long time resident I am excited for some improvements!

  • Out goes another (relatively) affordable place, in comes more poseurs with too much disposable income.

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