Investors Plan Renovation of Historic Cleveland Park Apartment Building
- Jun 11, 2015
Investors have snatched up another Washington, D.C., apartment community. Urban Investment Partners, in partnership with the Tilden Hall Tenants Association, has acquired the Tilden Hall Apartments, in the District’s Cleveland Park neighborhood. Now, the new owners plan to start work on a major renovation of the historic building.
UIP and the Tenants Association paid $13.3 million to buy Tilden Hall from DARO Realty, which had owned the community since 1955. The historic property was one of D.C.’s first “suburban” apartment buildings. It opened in 1924 at 3945 Connecticut Ave., N.W. Tilden Hall features 76 apartment units.
Senior Vice President Robert Meehling was part of the CBRE team representing the seller in the transaction. In a news release, he said that the new owners now plan to start work on a comprehensive, historically sensitive renovation and addition to Tilden Hall. UIP General Contracting Inc. will construct the project, expected to cost $18 million. It includes upgrades to the building’s electrical system, the installation of individually controlled heating and air conditioning in each apartment, plumbing replacements, upgrades to the common areas and apartment interiors, as well as the construction of a small addition in the rear of the building.
According to Steve Schwat, principal at UIP, tenants who stay through the renovation “will enjoy a completely renovated apartment with no increase in rent.” Tilden Hall represents UIP’s third acquisition in 2015. The company owns and manages more than 3,000 apartments in D.C. and Maryland. During the past decade, it has renovated more than 20 downtown apartment buildings.
Photo credit: CBRE