UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.