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

by Prince Of Petworth April 10, 2012 at 4:00 pm 8 Comments


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.

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