New York, NY, January 24, 2011 – Infinity Real Estate (IRE) of New York, NY in partnership with Urban Investment Partners (UIP) of Washington, D.C., has acquired the a 40-unit apartment building at 1340 Kenyon Street, N.W. in Washington, a half block from the Columbia Heights Metro station, for $4.5 million. The seller, an affiliate of Northridge Capital, was represented by Andrew McAllister of Mac Realty Advisors, formerly of Cushman & Wakefield.
Under the District’s Tenant Opportunity to Purchase Act (TOPA), the 1349 Kenyon Tenants’ Association and IRE reached an agreement that will preserve, improve, and protect the property as part of the District’s dwindling rental housing stock.
IRE will begin a $2 million renovation that will add between five and seven apartments to the building’s terrace level. IRE will preserve the building’s 1925-vintage facade while renovating, upgrading, and restoring the building’s common areas, building systems, and apartment units. UIP General Contracting, Inc., a subsidiary of UIP, will begin the work in the first quarter of 2011. Completion is expected by the end of the third quarter of the year.
“UIP and IRE are pleased to acquire a unique asset in the Columbia Heights submarket and are pleased to have done so in yet another partnership with a tenants association that will both preserve and improve this rent controlled property” said Steve Kassin, Managing Partner of IRE.
Andrew McAllister said “the purchasers’ experience with urban apartments was critical in bringing the Kenyon House sale to closure. This group has assembled a first class team to execute these types of transactions.”
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 corridors. The individual apartments will be upgraded as well.
