Washington, DC leads the nation in planned office-to-apartment conversions, with 5,820 projects set for 2024—an 88% increase over last year, according to RentCafe.
The Cotton Annex building, established in 1937, transitioned from a federal agency site to a luxury apartment complex after its government tenant vacated nearly two decades ago.
Carmel Partners acquired the Cotton Annex in 2021 for $45 million, investing three years to transform the structure into 562 high-end residential units starting at $1,637 monthly.
Amenities at the new Annex on 12th include luxury features like a rooftop lounge and a private speakeasy that preserves the original skylight from its USDA days.
#office-to-apartment-conversion #washington-dc #real-estate-development #luxury-rentals #historic-preservation
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