WASHINGTON, DC–J Street Cos. has acquired two townhouses on 21st and N streets, NW, two blocks from Dupont Circle for an undisclosed price. The company plans to redevelop the properties into a nine-unit condo community called The Pacifica.
J Street will be selling the units, once they deliver, through Compass.
GTM Architects is the designer for the property. Each unit will average 1,500 square feet and have private outdoor spaces and private parking. The Pacifica is being designed to pursue LEED for Homes with Energy Star certification. Eagle Bank provided the acquisition financing for the property.
The contractor is McCullough Construction. The Pacifica is expected to deliver in early 2019.
J Street's Pipeline
There is an unprecedented among of apartments coming online in the market, while the DC area's condo market has less than a two month's worth of supply, so J Street is focusing on condos, Chairman Bruce Baschuk tells GlobeSt.com.
The company has other projects in the works. One is a 69-condo project at the Pullman building in NoMa.
The other is 100 condos in Bloomingdale, west of NoMa, which J Street is discussing with lenders at the moment. “We just like the market right now,” Baschuk says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
