Huge Petworth News: Apartments at 811 Quincy St, NW Purchased for $8.2 Million, $4 Million Renovation to Begin

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This is epic. I’m actually on vacation at the moment and don’t have much time, but I wanted to share this press release asap:

Urban Investment Partners (UIP) of Washington, D.C., in partnership with The Infinity Group of New York, NY has acquired the 99-apartment New Quin apartments 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. As a result of the District’s Tenant Opportunity to Purchase Act (TOPA), the New Quin NHQ Tenants’ Association and UIP reached an agreement that will preserve and protect the property as part of the District’s dwindling rental housing stock.

The property, which will remain rental, comprises two separate buildings with 55 and 45 apartments respectively. The buildings have charming, highly detailed historic brick and cast concrete façades. UIP will preserve these facades while renovating, upgrading, repairing and restoring the buildings’ common areas, building systems, and individual apartments. UIP General Contracting, Inc. will begin the $4 million renovation project 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. Electric service throughout the property will be upgraded, and individual apartments will receive upgrades, as well. UIP’s property management division, UIP Property Management, Inc., has taken over building management.

“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 Steve Schwat, UIP Principal. “The more time I spend in and around Petworth, the more I understand its popularity. I can almost throw a baseball into the Metro station entrance from the front door of 811 Quincy Street.” Schwat noted that the popular 14th Street restaurant Marvin’s plans to open on the first floor of a new condominium building next door to New Quin.

“The New Quin Apartments will be a great addition to UIP’s portfolio, as the property sits above the Georgia Avenue-Petworth Metro stop in a rapidly developing market. It was a pleasure working with a very experienced buyer that was well versed in DC rent control and TOPA laws to bring this transaction to an easy and successful close” said Milam.

22 Comment

  • Just couldn’t help yourself, what, is the beach too boring?

    Interesting news, close to home!

  • Hooray. Hopefully this puts a little pressure on Safeway to get going.

  • I second the hope that the Safeway project will move quickly.

    Question: I thought the new Marvin restaurant was going to be in an old townhouse next to the new condo building. Have the owners given up on that space?

  • booyah! loves it.

  • Interesting! Will be great to see this building restored.

    I was wondering about there being 2 buildings mentioned though. I looked on Google Maps and the red brick building at the corner of NH Ave and Quincy is definitely just one building, not two.

    About a month ago I saw some men in suits, one of whom seemed to be a real estate agent, holding clipboards that looked like property information standing in front of a different building (New Hampshire House) – across the street from the red brick building (you can see both on Google Street View

    I wonder if this deal also includes this building, too?


  • Uhm, what will happen with the existing tenants? Does going luxury mean that they’ll be displaced and that the building will no longer be subject to rent control?

  • “District’s Tenant Opportunity to Purchase Act (TOPA), the New Quin NHQ Tenants’ Association and UIP reached an agreement”

    Not knowing what the agreement was, but I imagine the current tenants will be able to rent at current levels, but as they leave, new tenants will have to start paying closer to market rate.

    • Ace is correct. Existing tenants are not forced to move out, but will be given an option to accept a buyout to move. Occupied units are still subject to DC rent controls, so those who choose to stay won’t see their rents change. Vacant units aren’t subject to those rent controls so new occupants will pay market rate rents.

      • The buyout in this case is for enough that I’d be surprised if anyone stayed.

        • How do you figure? What is the buyout amount? What is the minimum amount that you would accept, if you were in such a position?

          Given that apartments in such close proximity to metro can’t be had for less than a $1000 a pop, a buyout of $25,0000 per unit would only secure rent in a comparable location for two years, at best. I can’t imagine that the buyers/sellers would have offered too much more than 25k per unit. In this economy one must remain mindful of the laws of diminishing return.

  • EXCELLENT news, revitalization of Georgia Ave continues.. even if not as fast one would hope.

  • Given Nic’s comment below about $10,000 as the buyout amount, I couldn’t disagree with you more. Ten grand is peanuts in DC, particularly as it relates to even marginally decent housing.

    This seems to be yet another instance in which historically disenfranchised communities (i.e. blacks and latinos) and protected classes (i.e. elderly and disabled) are terribly exploited.

    • what should have happened?

      • $10k is 6 months free rent for a comparable 1 bedroom in Petworth. Those are some nice peanuts.

        It’s also enough to put together a down payment for an older 1 bedroom condo in Petworth using a FHA loan, after adding in $5k DC tax credit.

        Or you can stay in your old unit, which may be underpriced due to rent control — but you’d probably have to have been there for 10 years for that to be a factor.

        Win, win, win. Everybody gets what they want. No one is forced into a decision.

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