114-Unit Adams Morgan Apartment Building Sells for $26M
- Apr 17, 2012
Washington, D.C.-based Urban Investment Partners L.L.C. and Infinity Real Estate of New York have paid $26 million for a 114-unit apartment building at 1841 Columbia Road, N.W., in Washington, D.C. The Fairfield Residential Co. was the seller. New York-based Arbor Commercial Mortgage provided the acquisition and project debt financing for the venture.
Formerly known as The Alcazar, the building at 1841 Columbia Road was constructed in 1930. The mixed-use property is located in the Adams Morgan neighborhood and features arched doorways, hardwood floors, French doors and crystal doorknobs. It includes 20,000 square feet of prime neighborhood retail space, with such retail tenants as Napoleon Bistro, Bedrock Billiards, Gary Taylor Framing, Bank of America, World Cleaners and Fleet Feet.
The new owners plan to start a more than $7 million renovation and modernization project. It will 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 that the developers expect to be ”one of the largest and most exciting resident amenities in the District.” Current residents will be covered by D.C.’s rent control law.
A subsidiary of Urban Investment Partners, UIP General Contracting Inc, will renovate the building, while UIP Property Management, another subsidiary, will manage the property. The project is expected to be completed by December 2012.
In other real estate news, Corporate Office Properties Trust’s first building at Patriot Ridge in Springfield, Va., will be completed and ready for delivery by the end of June. The 240,000-square-foot office building is under construction at 7770 Backlick Road, just off Interstate 95. It is 44 percent pre-leased.
Patriot Ridge is located next to the National Geospatial Intelligence Agency, a Department of Defense combat support agency. Columbia, Md.–based COPT controls 15 acres at the Patriot Ridge site, near the Fort Belvoir military installation. The entire project has a development potential of up to 978,000 square feet. The four-building campus is designed to meet federal government security standards. All buildings will be constructed to LEED Silver certification or higher.
Image courtesy of www.COPT.com.