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Development News

14th Street apartment building leasing quickly

1430 W St NW

Owner/developer Urban Investment Partners couldn't be happier with the rate of leasing for its renovated apartment building at 1430 W Street NW. Leasing began in mid-October after it completed a $3.8 million renovation. Within a month, the building is 60 percent leased.
“We are pleased with the pace of leasing despite coming to market in the fall. We hope it will continue through the next couple of months and be fully leased by early 2015,” says Pete Bonnell, senior vice president of The UIP Companies.
The four-story, circa-1910 building has 38 apartments, among them a single efficiency and the rest one- and two-bedroom units. Of the apartments, 14 have outdoor space in the form of a patio or balcony. UIP is giving a month’s free rent on some units. Average rent runs from $2,100 per month for a one-bedroom to $2,900 per month for a two-bedroom.
There is no parking but the building, formerly known as The Madeira, is three blocks from the U Street Metro station.
The building is not designated as historic, but UIP maintained the masonry exterior while gutting the interior, including new electricity, plumbing, mechanical systems and energy-efficient kitchen appliances. The renovation added seven new terrace-level apartments, two of which are accessible for people in wheelchairs.
“There is a big segment of the market that wants to live in a smaller, boutique building,” said Bonnell. “It’s a classic building with slightly bigger units at a slightly more affordable price” than new apartment buildings in the 14th Street corridor.
UIP bought the building at a foreclosure auction in 2010. Bonnell says UIP put it on the market but was not offered the price it wanted. There followed negotiations with tenants to vacate the then-26 apartments and a renovation plan. Renovations took one year.
“The building is an example of what we do,” said Bonnell. “We transform buildings in terrible shape in what is or will be an attractive neighborhood. One of the reasons we bought the building is because of the neighborhood. We love the location.”

Read more articles by Barbara Pash.

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