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.
