In 2009, Delshah Capital in partnership with Ernst Valery Investments renovated this very rundown apartment building 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 EVI started working to turn it around. EVI, as the day to day project 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. Now fully renovated and occupied, the building is professionally managed by Washington Property Management.