WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor.
JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, to pursue opportunistic real estate and structured investment opportunities. Since launching in late 2025, JRES has sponsored the conversion of an office and mixed-use building in Syracuse, New York, and a 20-story office tower in Richmond, Virginia, creating approximately 350 residential units in total.
Built in 1982, the eight-story building includes 257 covered parking spaces and is located a few blocks from the Foggy Bottom-GW University Metro station. Approximately 22,000 square feet of ground floor retail will remain in place. Rent restrictions for the affordable units and a construction timeline were not disclosed.