Urban Investment Partners (UIP), a Washington, D.C.-based real estate investment firm, has begun a $4.8 million gut renovation of two historic apartment buildings at 1801 and 1811 Wyoming Avenue, N.W. (The Warrington and The Wilmington) in the popular Adams Morgan/Kalorama neighborhood of Washington, D.C.
Most of the 43 fully renovated units will be sold beginning next year as WY18 Condominiums, featuring modern, upscale amenities such as rooftop party decks with misting sprayers and wet bars, GE Café series appliances, new energy-efficient windows and water-saving dual-flush commodes, IPod docking stations, and expanded closets and storage areas along with all-new heating, cooling, wiring, and plumbing.
"Every WY18 condominium will have a completely new floor plan to accommodate today's lifestyles," said Steve Schwat, Principal, Urban Investment Partners, which acquired the twin structures in July for $6.9 million. "These homes will be completely transformed so that a new generation of residents can enjoy living with modern conveniences in the vibrant Adams Morgan/Kalorama neighborhood."
In addition to top-of-the-line appliances, the new WY18 Condominiums will feature quartz kitchen countertops, a combination of rich dark wood base cabinets and gleaming white wall cabinets, under-cabinet lighting, new kitchen pantries with glass pocket doors, full-sized front-loading stackable laundry equipment, all-new bath fixtures and tiling, and new balconies or patios. UIP also is beautifying the buildings' entry lobbies with new wood paneling and light box details, tile, furniture, and entry doors.
UIP's renovation will include the retail store fronts on 18th Street (on the ground level of 1801 Wyoming Avenue) to coincide with the District of Columbia's project to widen sidewalks and enhance the pedestrian-friendly ambiance of this major Adams Morgan/Kalorama corridor. All of the renovations are expected to be completed in about a year.
Following UIP's acquisition of the buildings in July, tenants voted on and approved a tenant-sponsored condominium conversion in accordance with the District of Columbia's Tenant Opportunity to Purchase Act (TOPA). Fifteen tenants of the buildings' 42 existing apartments are purchasing their units at deeply discounted prices, and a few will continue to rent. The renovated WY18 Condominiums will range from 900 to over 1,300 square feet; the largest homes will have two bedrooms and two baths.
Constructed in 1909 in the Classic Revival style, The Warrington and The Wilmington are part of the city's Washington Heights Historic District, located in the heart of what is now known as Adams Morgan/Kalorama. Platted in 1888, Washington Heights evolved throughout the 20th century from a streetcar suburb to a close-in urban center.
UIPGC (www.uipgc.com), a subsidiary of UIP, will execute the renovation program. UIPGC provides cost-effective general contracting, design/build, construction management, full-service rental unit turn services, and industry-specific services for both UIP and third-party clients. The property is being managed by UIP Property Management, Inc. (UIPPM), also a subsidiary of UIP.
Founded in 2001, the UIP family of companies is a leading real estate investment, development, and property management firm based in Washington, DC. The firm invests opportunistically in a variety of asset classes, with a primary focus on multifamily properties in select neighborhoods. Since 2001, UIP's principals have sponsored real estate funds throughout the DC metropolitan region with a total valuation of over $185 million. For more information about UIP and/or its funds, contact Steve Schwat at 202/684-7840, or visit www.uipllc.com.