Urban Investment Partners announced that it has purchased Tilden Hall, a 76-unit apartment building in Cleveland park, for $13.3 million.
UIP and the building's tenants association have planned a major, $18 million renovation, including upgrading the building's electric service, installing individual climate control in each apartment, plumbing upgrades and upgrades to all common areas and apartment interiors.
UIP says that every tenant who stays through the renovation "will enjoy a completely renovated apartment with no increase in rent."
UIP specializes in renovating
buildings in poor shape and/or working with tenants' associations.
The building, at 3945 Connecticut Ave NW, is approximately equidistant from the Cleveland Park and Van Ness metro stations.