Infinity-Urban Closes on 42-Unit Apartment Complex

Jul 7th, 2010

New York, NY, July 07, 2010 – Infinity Urban Century LLC, an Infinity Real Estate affiliate, announced today the purchase closing of 1801 & 1811 Wyoming Avenue, a 42-unit apartment complex with retail ground floor located in the Adams Morgan-Dupont Circle area of Washington DC.  The property will be redeveloped into Class A residential units in a joint venture partnership with a locally-based construction and management firm. 1801 Wyoming Avenue is part of a series of residential acquisitions currently under Infinity Urban Century’s control in the District of Columbia, and is a prime example of the Company’s multifamily strategy for the nation’s capital.

The property benefits from the combination of a front entrance on the quiet, tree-lined, Wyoming Avenue, and a retail façade along 18th Street, Adams Morgan’s main commercial corridor.  “This deal offered us the opportunity to acquire a unique historic building and a prominent corner in one of DC’s best-known destination-neighborhoods.  Adams Morgan’s culture, restaurants, and nightlife make it one of the most vibrant and most sought-after pedestrian neighborhoods in the District. It attracts affluent urban dwellers and young professionals looking for a true urban-living experience. But the area has a very limited supply of new apartment units and high end residential product to offer. This project will create a unique offering of one and two-bedroom units at a very competitive cost basis to our partnership” said Etienne Locoh, Managing Partner of Infinity Real Estate and Principal of its Urban Century Ventures investment program.

About Infinity Real Estate, LLC
Infinity Real Estate is a New-York-based private real estate owner, investor, and operator focused on the acquisition, redevelopment, and re-positioning of commercial properties across select U.S. markets along the East Coast, the Mid-West and Central States. Infinity Real Estate is the property acquisitions, development, and management unit, owned and operated by the Infinity Group. The Company currently operates approximately 40 commercial properties and development projects in 13 states. Infinity Real Estate’s principals have led or have directly transacted in over $2.5 billion of real estate related investments, representing over 75 asset or project acquisitions or developments, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects.