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Jemal and DivcoWest to convert a Washington DC office into 323 apartments
The $40 million loan from Madison Realty Capital will fund the property’s acquisition and predevelopment, and the plan allows for up to three dozen affordable units.
Jemal Real Estate Strategies and DivcoWest announced a joint venture to convert 1255 23rd Street NW in Washington, D.C.’s West End from office space into residential apartments, creating approximately 323 units.
ConnectCRE reports the project targets up to three dozen affordable apartments as part of the conversion of the existing 342,000-square-foot building.
Madison Realty Capital is providing a $40 million loan to support the property’s acquisition and predevelopment.
The partners said the building is positioned in a part of Washington with limited housing supply, particularly for affordable units, and is near major employment centers, transit, and retail.