The Policy was acquired by StoneBridge in 2008 after an agreement was reached with the tenant association that was formed under the District’s Tenant Opportunity to Purchase Act ('TOPA'). The Agreement gave the tenants the option to remain in the building at their current rents or to receive a cash payment upon vacating the property.
Following acquisition, the building subsequently received a full, complex "gut" renovation, self containing all units by replacing the building systems, kitchens, and baths, while maintaining and restoring the historic exterior façade as well as original hardwood floors and architectural detail.
Located in the trendy and affluent Kalorama neighborhood of Washington, DC, The Policy offers 62 class-A luxury units with modern amenities in a historic setting. The property maintains 95% occupancy, and currently achieves some of the highest rents in the city.
In 2014, the property was successfully sold to an institutional investor.