“Urban Investment Partners has paid $2.4 million for the former Isabella Apartments in Columbia Heights, where it is planning to launch a complete rehabilitation to covert the property into nearly 40 apartment units.

UIP acquired 1483 Newton St. NW from a pair of sisters-in-law that inherited it from their husbands. It hopes to start a $5 million renovation of the 80-year-old building in the second quarter of 2013.”