WASHINGTON, DC–The J Street Cos. has acquired two adjacentproperties at Congress and L streets, NE in NoMafor about $7 million. The company plans to develop the site into 62condo units aimed at first-time home buyers. The entire projectcosts will run about $30 million.

Three of the condos will be inclusionary and the company is alsodeveloping additional inclusionary zoning off site, JStreet Chairman Bruce Baschuk tells GlobeSt.com. Theproperty on Congress and L streets will be unique as most of theother product in the submarket is for rent. “We saw that niche andjumped on it a couple of years ago, putting the property undercontract.”

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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.