Two DC Apartment Buildings Change Hands in $43M Deal
Infinity Urban Century has acquired two apartment buildings in Washington, D.C., from the Georgetown Company for $43 million.
The two properties — located at 1722 19th Street NW and 1631 S Street NW — combine for 155 units in the Dupont Circle neighborhood.
“Having executed on our business plan, we sought to sell these assets and diversify our portfolio geographically by targeting to reinvest in tax-advantaged locales with strong, growing demographics,” Jonathan Schmerin, managing principal at the Georgetown Company, told Commercial Observer.
Georgetown originally acquired both properties in 2012, and made significant improvements to all areas of the buildings.
“The ‘forever’ location within the heart of Dupont Circle made these two assets very appealing, along with the smart renovations we undertook, improving all the common spaces in the buildings and strategically upgrading units to drive rent growth,” Schmerin said over email. “Dupont Circle is in the heart of Washington, D.C. The proximity to the 14th and U Street corridor, the easy access to George Washington University, and more broadly the entirety of the city, makes this walkable location exceptionally appealing to a wide group of tenants.”
Georgetown is now looking to buy another asset through a 1031 exchange to help further diversify its portfolio.
Rosewood Realty represented the buyer in the deal. Georgetown did not use a broker in this off-market deal.