Norman Jemal JV Buys West End DC Office for Residential Conversion
Jemal Real Estate Strategies and DivcoWest have announced a joint venture to convert 1255 23rd Street 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 benefiting from access to employment centers, transit, retail, and some of Washington’s most established neighborhoods. FILLAT+ Architecture serves as the project architect. CBG Building Company is the general contractor.
DivcoWest is the current owner of the property and will retain an equity interest alongside JRES. Built in 1982, the 8-story building includes 257 covered parking spaces and is located just a few blocks from the Foggy Bottom-GW University Metro station. Approximately 22,000 square feet of ground-floor retail will remain in place.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout