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JV to convert 1255 23rd Street NW office into 323 apartments
The joint venture will keep 22,000 square feet of ground-floor retail and includes about 36 affordable units, supported by a $40 million loan.
Commercial Observer reports that Jemal Real Estate, DivcoWest, and JLS Capital formed a joint venture to convert a 342,000-square-foot office building at 1255 23rd Street NW in Washington, D.C.'s West End into 323 apartments.
The conversion plan includes about 36 affordable units, and 22,000 square feet of ground-floor retail will remain, according to Commercial Observer.
The outlet also reports that Madison Realty Capital is providing a $40 million loan to support the acquisition and predevelopment. DivcoWest owns the eight-story building and will retain an equity stake alongside Jemal Real Estate, while Fillat+ Architecture is designing the conversion.
Commercial Observer adds that the property was built in 1982, includes 257 covered parking spaces, and sits a few blocks from the Foggy Bottom-GW University Metro station.