The Shelby is a 4-story, walk-up residential property located in the DuPont Circle neighborhood. A $2 million gut renovation preserved the historic features of the property, such as the façade and hardwood flooring, while incorporating boutique finishes and modern amenities. In-unit upgrades included stainless steel kitchen appliances, granite countertops, in-unit laundry, brand new bathrooms and central heating and cooling. The renovation also featured terrace level patios, cosmetic enhancements to the common areas and upgraded HVAC, plumbing, and electrical systems. Average rents increased 223% over UIP’s hold period from $1.11 per square foot to $3.59 per square foot.