Now that Urban Investment Partners (UIP) has purchased the Rhode Island Gardens apartment building for $7.6 million, the company plans on renovating the 81-unit development for $7 million. Located a half mile from the Rhode Island Avenue Metro, the 1931-built building will gain an additional five apartments on the lower level, upgraded electric service, and newly installed individually controlled heating and air conditioning for each unit. There are also plans for plumbing replacements and upgrades to all common areas and apartment interiors. According to a press release, the tenants who remain throughout the renovation will not have their rents increased despite the upgrades made to their apartments. This is the fourth acquisition UIP has made this year, adding to the company's more than 2,5000 apartments owned in the DMV area. No renderings are available yet on what the development will look like when the renovations are complete.
· All coverage on the Edgewood neighborhood [Curbed DC]