UIP Completes Rehabilitation of Century-Old Building
- May 06, 2009
Washington, D.C.–Urban Investment Partners (UIP) has completed its full-building rehabilitation of The Shelby, a 24-unit luxury apartment building located at 1706 T Street, N.W. in Washington, D.C.’s Dupont Circle-Adams Morgan neighborhood. Move-ins have begun. (Kitchen before on right) UIP, through its $60 million Washington Residential Fund II (WRF II), purchased the property, formerly known as The Absecon, at foreclosure from Adams Bank. UIP then embarked on a $2 million “gut” renovation. (Kitchen after below)“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls and ceilings, an obsolete and leaky steam heating system, and more,” says Steve Schwat, UIP Principal. “We have significantly increased the value of a previously uninhabitable property, thus enhancing the city’s tax base and the neighborhood’s quality of life.” The Absecon, originally constructed about a century ago, had 21 licensed units plus two unlicensed units in the basement. The Shelby now has a total of 24 units: five in each of the four above-ground levels and another four with outdoor patios on the garden level. All of the new apartments have condo-level finishes including granite countertops, stainless steel appliances, concealed television and Internet wiring, central HVAC, and much more. UIP’s contract with DC Access provides broadband wireless access to all of the apartments at a lower rate than either cable or DSL. Kastle Systems monitors the renovated building’s access and video security cameras. The building also features a boutique hotel-style residents’ lobby.