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New Owners Spend $2.4M To Buy Raze-Worthy Building, Plan To Spend $5M More Renovating

The DC developers Urban Investment Partners announced recently that they bought the dilapidated 32-unit building at 1483 Newtown Street in Columbia Heights for $2.4M and plan to renovate it into a 39-unit rent-controlled apartment building. Even though the building was declared blighted by the city, UIP is going to do the work to keep it standing. They expect to spend $5M turning it into a place where people can live again, but they have not finalized a layout or the number of units that will be studios, one bedrooms, etc. One thing they are going to do is keep the exterior similar to the building right next to it (that they also renovated). It is one of the "Seven Sisters" buildings on the same street that are all identical and were built by the DC developer Henry Wardman over eighty years ago. Plans are for work to begin on this building by spring of this year.

· Urban Investment Partners [OfficialSite]
· Abandoned apartment building at 1483 Newton finally moving towards development [NCH]

1432 Newton Street NW

1432 Newton Street NW, Washington , D.C.