Urban Investment Partners (UIP) Buys 1349 Kenyon St, NW in Columbia Heights

Wow UIP is on a roll. Right before the new year they announced that the apartments at 811 Quincy St, NW were purchased for $8.2 Million with a $4 million renovation set to begin. On Wed. afternoon I received the following press release about 1349 Kenyon St, NW:

Urban Investment Partners (UIP) of Washington, D.C., in partnership with Infinity Real Estate (IRE) of New York, NY has acquired the a 40-unit apartment building at 1349 Kenyon Street, N.W. in Washington, a half block from the Columbia Heights Metro station, for $4.5 million.

Under the District’s Tenant Opportunity to Purchase Act (TOPA), the 1349 Kenyon Tenants’ Association and UIP reached an agreement that will preserve, improve, and protect the property as part of the District’s dwindling rental housing stock.

UIP will begin a $2 million renovation that will add five to seven apartments to the building’s terrace level. UIP will preserve the building’s 1925 facade while renovating, upgrading, repairing and restoring the building’s common areas, building systems, and individual apartments. UIP General Contracting, Inc., a subsidiary of UIP, will begin the work in the first quarter of 2011 and complete it by the end of the third quarter of the year.