New York, NY, December 30, 2010 – Infinity-Urban Century LLC, an Infinity Real Estate affiliate in partnership with Urban Investment Partners of Washington, D.C. has acquired the 99-unit New Quin Apartments complex directly across the street from the Petworth Metro station at the intersection of New Hampshire and Georgia Avenues in NW Washington, D.C. Marcus & Millichap’s Stacey Milam represented the seller, longtime Washington real estate owner CC Dudley, in the $8.2 million transaction.
The Property, which will offer newly renovated luxury rental apartments, is comprised of two buildings with 55 and 45 units, respectively. The buildings feature charming, highly detailed historic brick and cast concrete façades. The new ownership group plans to preserve these facades while renovating, upgrading, repairing and restoring the buildings’ common areas, building systems, and apartment units. UIP General Contracting, Inc. will oversee the $4 million renovation project slated to begin in January.
Common area upgrades will include new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage room, and renovated elevators, lobbies, and hallways. Electrical service throughout the property will be upgraded, and individual apartments will receive upgrades as well. “With its beautiful façade and great location in a fantastic resurgent neighborhood, this is one of the more exciting acquisitions we have made recently,” said Etienne Locoh, an Infinity Managing Partner. “The more time I spend in and around Petworth, the more I understand its popularity. The front door of 811 Quincy Street is steps from the Metro station entrance.” Locoh noted that the popular 14th Street restaurant Marvin’s plans to open on the first floor of a new condominium development next door to New Quin.