Jemal Real Estate Strategies and DivcoWest Create Venture to Convert DC Office Building to Residential
WASHINGTON–(BUSINESS WIRE)–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 George