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Infinity Sells 1841 Columbia Road, NW in Washington, DC

Feb 15th, 2017

WASHINGTON, DC (February 15, 2017) – Infinity Urban Century, a wholly-owned subsidiary of Infinity Real Estate, announced today the sale of its interest in 1841 Columbia Road, NW in Washington, DC. The sale was successfully completed at a gross valuation of $62 million. The mixed-use property consists of 116 apartment units and over 20,000 square feet of premier neighborhood retail. Infinity, along with its partners, acquired the historic Adams Morgan building in 2012 for $26 million ultimately transforming it into a full service Class-A rental apartment community.

The renovated and rebranded property, which is now 97% leased, underwent a $7.5 million capital improvement program consisting of i) the modernization of all building systems, ii) façade restoration, iii) window and storefront replacement, iv) the addition of a green roof and a rooftop amenity space, v) lobby and common area enhancements, and vi) the gut renovation of over 75% of the apartment inventory.

Infinity’s exit marks a highly successful conclusion to a multifaceted and complex historic redevelopment project. “We are pleased with the result of this investment. While we rarely exit irreplaceable properties like 1841, the opportunity yielded a remarkable return for our partnership, allowing Infinity to redirect our resources toward several other new and exciting projects within the DC region” said David Berg, Infinity Urban Century’s investment director responsible for the project.

About Infinity Urban Century, LLC

Infinity Urban Century is a wholly owned subsidiary of Infinity Real Estate aimed at growing Infinity’s presence in key gateway urban markets and at focusing properties designed and built for today’s urban lifestyle generation. Infinity Urban Century has successfully implemented similar value-add renovation programs across 15 Washington D.C. multi-family properties and currently owns and operates more than 1,000 units in the district.

 

About Infinity Real Estate. LLC

Infinity Real Estate is a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. Infinity Real Estate is a business unit of Infinity Group, officially formed in 2005, and is headquartered in New York City. The Company’s portfolio includes over 75 individual properties representing approximately 3 million square feet of commercial space, 1,200 luxury rental apartments and over $1.5 billion in direct investment transactions. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals.

 

Media Contact:

Kimberly Macleod
(917) 587-0069
kim@bscworks.com