ICG Properties worked closely with the Historic Preservation Review Board, the Sheridan-Kalorama Advisory Neighborhood Commission and the Sheridan-Kalorama Historical Association to redevelop four historic properties in the city's Kalorama district. The properties, which had been in use as a private school, encompassed 2136 and 2138 Bancroft Place, NW and 1807 and 1809 Phelps Place, NW.

ICG acquired the buildings in an unleveraged transaction in mid-2001. The transaction was flexibly structured to enable the Kingsbury Day School ample time to relocate. ICG, with its partner, then embarked upon a comprehensive redevelopment program to create four elegant townhomes, featuring 11-foot ceilings, covered parking, fireplaces and elevators.

The first two homes, located at 1807 and 1809 Phelps Place, were completed and sold in 2004. The remaining two homes, each measuring more than 5,000 square feet and featuring exceptional rooftop views, are being rehabilitated and will be completed in the fourth quarter of 2006.