Jemal-Led JV Plans 323-Unit Office-to-Resi Conversion in D.C.
Commercial Observer reported that Madison Realty Capital provided a $40 million loan to support the acquisition and predevelopment of 1255 23rd Street NW in Washington, D.C., where a joint venture between Jemal Real Estate, DivcoWest, and JLS Capital plans to convert the 342,000-square-foot office building into 323 apartments, including approximately 36 affordable units, while retaining 22,000 square feet of ground-floor retail. The eight-story property, built in 1982, sits a few blocks from the Foggy Bottom-GW University Metro station between Georgetown, George Washington University, and Dupont Circle. The project adds to a growing pipeline of office-to-residential conversions in the capital, with Jemal Real Estate having already led similar adaptive reuse projects in Syracuse and Richmond.
