Washington, DC — Urban Investment Partners (UIP) has completed a two-year gut renovation of a formerly vacant apartment building originally developed by iconic Washington, DC real estate entrepreneur Harry Wardman in Columbia Heights. Isabella now offers 38 modern apartments that are now 50% leased.
When acquired by UIP in December 2012, the building at 1483 Newton St., NW had been vacant for more than two decades and had been condemned by the DC Condemnation Board. It was one of the last blighted, vacant multifamily properties in Columbia Heights. “This was the most run-down building we have ever purchased, with holes in the roof, collapsing floors, and a failing façade,” said UIP Principal Steve Schwat. “It’s a joy to see the restoration of this classic structure, and the apartment homes are nothing less than spectacular. This is what we love to do.”
UIP General Contracting, Inc. (UIPGC) performed the $4.2 million renovation; Bonstra Haresign was the architect of record. UIP Property Management Inc. (UIPPM) has taken over management of day-to-day operations.
Isabella is one of seven identical buildings between Newton St. and Meridian Place NW, all developed by Wardman and designed by architect Albert H. Beers in the early 20th century. UIPGC recently renovated another one of the Seven Sisters: the 24-unit 1489 Newton St. Cooperative.