Jemal Real Estate Strategies and DivcoWest have announced a joint venture to convert 1255 23rd St. NW, a 342,000-square-foot office building in Washington, D.C.’s West End, into approximately 323 apartments. The project will include up to three dozen affordable units. Madison Realty Capital provided a $40 million loan to support the property’s acquisition and predevelopment.
The building is in a superior location for residential apartments, sitting between Georgetown, George Washington University and Dupont Circle in an area with limited housing supply, especially affordable units, and one that benefits from access to employment centers, transit, retail and some of Washington’s most established neighborhoods.
“This partnership reflects our confidence in Washington, D.C., and our conviction in the importance of giving existing buildings a second life,” said Norman Jemal, senior managing principal at Jemal Real Estate Strategies. “Adaptive reuse will play an
