WASHINGTON, DC–New York-based Infinity Urban Century, a wholly-owned subsidiary of Infinity Real Estate, has sold its ownership interest in 1841 Columbia Road, NW, in a transaction that values the 116-unit apartment building at $62 million minus closing costs.
“This was a remarkable exit opportunity at a good valuation,” David Berg, Infinity Urban Century's investment director responsible for the project, told GlobeSt.com, noting that it and its partner in the building acquired it in 2012 for $26 million.
Berg declined to say Infinity's percentage of the building's ownership, whether it sold that stake to its partner in the transaction or who the partner was.
In 2012, GlobeSt.com reported that Infinity and the locally-based Urban Investment Partners acquired the property from Fairfield Residential. At the time of the sale, the new owners said they would invest $7.5 million in renovations.
Today the mixed-use property is a full service class A rental with 116 apartment units (originally there were 114) and over 20,000 square feet of neighborhood retail. It is now 97% leased, following the promised capital improvement program that gut renovated more than 75% of the apartment inventory, modernized the building systems and added a green roof and a rooftop amenity space.
Infinity is actively looking to acquire new multifamily and retail properties for its local portfolio, Berg says.
“We're focused on similar properties [to 1841 Columbia Rd.] — the redevelopment of historic properties where we want to maintain the historical charm but modernize for today's demand.”
WASHINGTON, DC–New York-based Infinity Urban Century, a wholly-owned subsidiary of Infinity Real Estate, has sold its ownership interest in 1841 Columbia Road, NW, in a transaction that values the 116-unit apartment building at $62 million minus closing costs.
“This was a remarkable exit opportunity at a good valuation,” David Berg, Infinity Urban Century's investment director responsible for the project, told GlobeSt.com, noting that it and its partner in the building acquired it in 2012 for $26 million.
Berg declined to say Infinity's percentage of the building's ownership, whether it sold that stake to its partner in the transaction or who the partner was.
In 2012, GlobeSt.com reported that Infinity and the locally-based Urban Investment Partners acquired the property from Fairfield Residential. At the time of the sale, the new owners said they would invest $7.5 million in renovations.
Today the mixed-use property is a full service class A rental with 116 apartment units (originally there were 114) and over 20,000 square feet of neighborhood retail. It is now 97% leased, following the promised capital improvement program that gut renovated more than 75% of the apartment inventory, modernized the building systems and added a green roof and a rooftop amenity space.
Infinity is actively looking to acquire new multifamily and retail properties for its local portfolio, Berg says.
“We're focused on similar properties [to 1841 Columbia Rd.] — the redevelopment of historic properties where we want to maintain the historical charm but modernize for today's demand.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
