Transformation Begins at Foreclosed T Street (DuPont Circle) Property
Rebirth Planned: From 'The Absecon' to 'The Shelby'
Washington, DC -- Urban Investment Partners (UIP) began selective demolition this week of ‘The Absecon,’ a 21-unit rental apartment building located at 1706 T Street NW. This property was foreclosed on by the lending bank in September 2007 and was recently thereafter purchased by UIP. As part of its planned rebirth, this building has been renamed ’The Shelby.’
UIP purchased this property from Adams Bank and their trustees and subsequently negotiated with the tenants/owners, leaving the building vacant so that a complete building-wide renovation could proceed. “The building was in such deplorable condition, from the 60 year old stoves to the holes in the walls and ceiling, to the leaking steam heating system. It needs a complete “gut” renovation and we are just the team to do it right,” commented Steve Schwat, UIP Principal.
Projected completion of ‘The Shelby’ is June 2009, and will yield a total of 24 units. While the building had a C of O for 21 units, there were in fact a total of 23 units; two in the basement were not licensed. The renovated building will contain 5 units on each of the 4 above-ground floors and another 4 apartments on the garden level. The lower level units will be considered the nicest residences in that they each will have an outdoor patio area. All units in ‘The Shelby’ will feature “condo level finishes,” including granite countertops, real wood cabinets, stainless appliances, central HVAC, concealed television and network wiring, many more luxury details. The building’s Access system and video security cameras will be monitored by Kastle Systems and its interior lobby will resemble that of a boutique hotel. A contract with DC Access will give broadband wireless access to all of the residents at a lower rate than cable or DSL and the system is operational around DuPont Circle since numerous UIP properties contain broadband antennas.
A main attraction of ‘The Shelby’ is its premium location, central to the 17th Street corridor of restaurants and shops, DuPont Circle, and Adams Morgan. Just two blocks from Metro and all of the conveniences and amenities of the city are blocks within. This is a classic residence in the midst of a classic revival neighborhood, a building built at the turn of the last century, completely renovated and upgraded with modern conveniences and state-of-the-art systems. “On the outside it may look like it was built yesterday-year, but once you enter, you will know you have entered the 21st century,” said Steve Schwat.
UIP is in the process of creating a successor value-add fund known as Washington
Residential Fund III, and are seeking new potential property acquisitions candidates
for this Fund.
UIP also owns the Shelburne at 17th and S Street, just up the block and hence the Shelby’s namesake. The Shelburne will also be undergoing a renovation of common area improvements including expansive gardens along 17th Street, a new iron (or steel) awning similar to that which originally adorned the property, new front doors, lobby and hallway renovations and more. UIP purchased both properties into the WRF II (Washington Residential Fund 2). UIP is currently closing WRF II and seeking candidates for WRF III another “value added” fund. SRAF, the Small Residential Apartment Fund is also seeking acquisition candidates of stabilized (or close to) properties in all quadrants of the city. For more information about these projects, contact Suzanne Fanaroff 301.528.2283.
