Rockpoint, LCOR and Potomac Investment Properties (PIP), the investment arm of the Gewirz family office, a 100-year-old, third-generation real estate development, investment and operating company, have formed a joint venture to acquire an office property in the Georgetown neighborhood of Washington, D.C. and transform it into a multifamily community. The two-building property, located at 1000 and 1050 Thomas Jefferson Street NW, will become a highly amenitized 299-unit residential community with approximately 18,100 square feet of street-level retail, just steps from the neighborhood’s historic waterfront. Terms of the transaction were not disclosed.
The project will be the first conversion to deliver multifamily rental units in the Georgetown neighborhood in decades. Since 1924, only 546 rental units have been delivered in this coveted community. PIP entitled the redevelopment for residential use and secured approvals from the Old Georgetown Board and the U.S. Commission o
