Urban Investment Partners, a DC-based developer with ongoing projects in Foggy Bottom and Tenleytown, has made a new investment in the Adams Morgan neighborhood.
UIP bought two four-story mixed use properties at 1752 and 1762 Columbia Road NW for $3.2M. Greysteel's Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat brokered the deal.
The properties sit across from the Safeway on Columbia Road NW, about two blocks from the major 18th Street intersection where PN Hoffman is preparing to redevelop SunTrust Plaza. The property at 1762 Columbia has Super Tacos & Bakery on the ground floor with Embassy Tattoo on the second floor below two floors of office space. The 1752 property has a clothing store, Malik, on the ground-floor below office space.
UIP president Steve Schwat said in a press release his interest was sparked by the nearby development of the Line DC hotel and the Italian Embassy Residences, which he said will change the face of the neighborhood.
No future development plans were disclosed with the acquisition announcement, not a surprise considering Adams Morgan's historic designation and notoriously anti-development community.
