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The New Hampshire House Apartment Building Bought by UIP
More big building renovation news in Petworth. Washington Business Journal reports the New Hampshire House was bought by UIP for $2.1 million and that:
“UIP plans to renovate the 21-unit apartment building, which sits adjacent to the Georgia Avenue/Petworth Metro stop.”
3728 New Hampshire Avenue, NW
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Live Near By
5:32pm
It's not a 4-way stop, only a two-way stop going north/south and the camera is pointed... 
5:27pm
They should open a Mr. P's down there.
5:25pm
Also, the carrier is Sprint. And the screen color is reddish.
I too am curious about this, hoping this happens soon
5:17pm
Yes, but the American Ice ones are much less mainstream...
Bulldoze and build a highrise #smartgrowth
No! That will block my sun!!
I can’t believe that they bought it for just 2.1 mil, some of the single family homes in that are are selling for $800k. It must be pretty bad inside.
I believe UIP is also renovating a low-income housing building on Ontario between Euclid and Kalorama.
I hope they bulldoze the corner church as well.
“Nobody steps on a church in my town!” Dr. Venkman
Good to hear someone purchased the building but damn, why bother renovating that crumbling eyesore?
Raze, rebuild.
Because in DC it’s much easier to renovate buildings, especially when they are tenant-occupied.
I hope this means they’ll start taking care of all the litter out front
By liter, do you mean the almost daily yard sale that happens out front of this building? I can’t believe that management allows that to happen so frequently. The old lady responsible for the sale is nice enough but her stuff is pretty chintzy and well…just plain bootleg.
$2.1m for a 21 unit building seems dirt cheap to me. Spend a million bucks on renovations and it could be one hell of a $3 million single family house.
Otherwise I just can’t imagine how much renovation can pretty up to the point of profitability a building that was obviously built to be bare-bones spartan.
They spent $2.1mil for the Buena Vista (34 units) in June 2011: http://www.uippropertymanagement.com/apartments/dc/washington/buena-vista/index.aspx
Last year they bought 2359-2401 Ontario Road NW (52 units) for $4.2mil and planned $2.4mil in renovations: http://www.bizjournals.com/washington/breaking_ground/2011/09/uip-buys-adams-morgan-apartments-for.html
And, of course, they bought the New Quincy across the street for $8.2mil and had been planning $4mil in renovations (don’t know how much they’ve spent so far): http://www.bizjournals.com/washington/blog/2010/12/uip-buys-petworth-apartments.html
It’s in line with their other investments, and it will be interesting to see what they do with it–whether they leave it basically as-is (like Columbia Heights bundle), or if they give it the New Quincy treatment (seeing as it is just across the street).
UIP is the worst! I’m never renting from them again.
What are people’s experience with UIP? I’ve just started looking for a new apartment after several years in the same building and they seem to be one of the only ones doing large-scale renovations of older buildings (I kind of prefer the character and “affordability” of renovated buildings over the fancy full-service developments I’m seeing come online lately).
I like them. I too was looking for character and affordability. They deliver, and are responsive too in terms of maintenance.
Thanks!
I hope they keep working the way up New Hampshire Ave. 2, 3rd and Gallatin st has plenty of ran down apartments that need investment.
2.1 mill is about in line. Much of those buildings are under rent control, thereby limiting the potential earnings off the building. And if it is anything like the bang up job they did on the Quincy Building, don’t expect something spectacular to happen.
Don’t believe the UIP hype! They took over the 1841 Columbia Rd building as well and have not delivered to the remaining tenants with maintenance, upgrades, etc. Numerous other rental buildings are not happy with their performance (search Google). Lawsuits are currently in the mix. Their system disadvantages the poor, elderly, and long standing tenants.
Further, the manager there at 1841 Columbia Rd (Tarsha) is the worst. I’ve had to deal with her for over 5 years.