Ernst Valery, as President of SAA|EVI and in partnership with Delshah Capital, renovated the dilapidated Karlene Apartment building located in the heart of the Columbia Heights Neighborhood (Ward 1) in Washington, DC. The building suffered from severe deferred maintenance and was over 50% vacant when Delshah and SAA|EVI started work to rehabilitate the asset.
SAA|EVI, as the day-to-day development manager for the renovations, worked closely with the existing tenants and their representatives to negotiate a Voluntary Agreement that would allow those who wanted to stay the opportunity to remain in the building at their current below market rents. The remainder of the building is leased at market, which supports the extensive renovations performed. The building, renamed Delshah Valery Place, is now fully renovated and occupied, and professionally managed by Washington Property Management. Total development cost was $5 million.