Urban Investment Partners (UIP) recently purchased Rhode Island Gardens, an 81-unit apartment building at 230 Rhode Island Ave. NE in Washington, for $7.6 million. UIP plans a $7 million renovation of the building, constructed in 1931.
UIP coordinated the sale with the Rhode Island Gardens Tenants Association and worked with the tenants to plan the renovation, which will include the addition of five apartments on the lower level, upgrading electrical service, installing individually controlled heating and air conditioning in each apartment, replacing and upgrading the plumbing and upgrading the common areas while maintaining the historic character of the building.
The Edgewood neighborhood, where the apartment building sits, is undergoing change.
Residents can walk to Rhode Island Row, a mixed-use project completed in 2012 with several shops and restaurants. Plans are underway for a massive redevelopment project called the Rhode Island Center which will bring more shops, restaurants and residences to the area surrounding the Rhode Island Avenue Metro station.
Each apartment will be upgraded with special emphasis on the kitchens and baths. Current residents will have a renovated apartment without an increase in their rent.
For more information, visit www.UIPLLC.com.
Michele Lerner is a freelance writer. To pass on a tip or news item, contact us at email@example.com and put “Town Square” in the subject line.