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.