WASHINGTON, DC —Urban Investment Partners (UIP), in partnership with Philadelphia-based Lubert-Adler Partners, has acquired Embassy Towers, a 72-unit apartment building in Washington, DC’s Adams Morgan neighborhood, for $13.25 million. The property is located at 1620 Fuller St., NW, across the street from the historic former Italian embassy building, which is slated for redevelopment.
Prior to the acquisition, UIP reached an agreement with the Embassy Towers Tenant Association, permitting UIP to undertake major renovations to the common areas and individual apartments. The buildings’ tenants have not yet decided whether to convert their apartments to condominiums, or continue as rentals. If a minimum number of tenants agree to buy their renovated apartments as condominiums and they qualify, the condominium conversion will go forward, and sales will begin in late 2016.
Alan Davis and Brendan Flood of HFF represented the seller in the transaction.
“This project demonstrates UIP’s flexibility and commitment to working successfully with tenant associations under the city’s TOPA process (Tenant Opportunity to Purchase Act) to achieve wonderful outcomes,” said Steve Schwat, principal, UIP. “Our level of experience is why we are selected by so many tenant associations that wish to renovate their buildings.”