UIP JV Acquires Petworth Multifamily

WASHINGTON, DC-Locally-based Urban Investment Partners and New York City-based The Infinity Group has acquired the 99-apartment New Quin apartments here for $8.2 million. The building is located across the street from the Petworth Metro station at the intersection of New Hampshire and Georgia Avenues. Marcus & Millichap’s Stacey Milam represented the seller, longtime Washington real estate owner CC Dudley, in the $8.2 million transaction.

The property will remain a rental under an agreement UIP reached with the New Quin NHQ Tenants’ Association via the District’s Tenant Opportunity to Purchase Act. New Quin consists of two separate buildings housing 55 and 45 units, respectively. In January UIP subsidiary UIP General Contracting will launch a $4-million renovation project, upgrading the common areas, building systems and individual units. The historic brick and cast concrete facades will remain in place. UIP’s property management division, UIP Property Management, will take over building management.

This building is one in a series of multifamily projects UIP has undertaken. The company recently completed a $5.9-million renovation of the Policy, a seven-story apartment building at 1921 Kalorama Rd., after acquiring the 59-unit building in July 2008 for $9 million. In another transaction, UIPGC is rehabilitating the Matheson, a large, century-old row home at 1451 Harvard St., NW. When the renovation is complete, the building’s seven residential units will be sold as condominiums.