J Street to develop units for first-time homeowners in Washington, D.C.

In a $7.2m deal, J Street Cos. acquired two adjacent properties in the NoMa/Union Market area of Washington, D.C., with plans to develop residential units for first-time homeowners. Located at Congress Street and L Street NE, north of the H Street retail corridor, the project, which was designed by Nelson Architects, will feature 62 units covering more than 60,000 sq ft. Financing for the land purchase was supplied by EagleBank. Urban Pace has been selected to market and sell the units.

“J Street is thrilled to be developing this perfectly positioned and innovative property in an incredibly vibrant market,” said Bruce Baschuk, chairman at J Street. ”This opportunity complements the work we have been doing in NoMa for 15 years, having already acquired, developed and sold over five acres within the NoMa and Florida Market submarkets.”