Rockpoint, LCOR, and Potomac Investment Properties (PIP) Create Joint Venture for Georgetown Office-to-Residential Redevelopment

The 299-unit project is the first multifamily development to deliver 150+ units in the Georgetown neighborhood of Washington, D.C. in more than 100 years

WASHINGTON, June 16, 2026 /PRNewswire/ -- Rockpoint, a Boston-based real estate private equity firm; LCOR, a leading real estate development, investment and management firm; and Potomac Investment Properties (PIP), the investment arm of the Gewirz family office, a 100-year-old, third-generation real estate development, investment and operating company, today announced the formation of a joint venture to acquire an office property in the Georgetown neighborhood of Washington, D.C. and transform it into a multifamily community. The two-building property, located at 1000 and 1050 Thomas Jefferson Street NW, will become a highly amenitized 299-unit residential community with approximately 18,100 square feet of street-level retail, just steps from the neighborhood's historic waterfront. Terms of the transaction were not disclosed.

The project will be the first conversion to deliver multifamily rental units in the Georgetown neighborhood in decades. Since 1924, only 546 rental units have been delivered in this coveted community. PIP entitled the redevelopment for residential use and secured approvals from the Old Georgetown Board and the U.S. Commission of Fine Arts.

"This project pairs an exceptional location within the supply-constrained Georgetown neighborhood with the scale, quality, and amenity offering that we believe will resonate with residents seeking a best-in-class living experience in the urban core," said Tom Gilbane, a Managing Member and Co-CEO at Rockpoint. "This is exactly the type of high-barrier investment opportunity we look to pursue in submarkets with attractive long-term demand drivers and limited new supply. It's address-level investing at its best."

The project is at the intersection of K Street and Thomas Jefferson Street NW, directly across from Washington Harbour and one block from the neighborhood's popular M Street, offering strong visibility, waterfront views and walkable access to Georgetown's vibrant retail, dining, and hospitality corridor. This prime location along the Potomac River offers residents direct access to water-based activities and a 10-acre park. The site is also within the highest-end hospitality neighborhood in Washington, D.C., situated among the Ritz-Carlton, Four Seasons, and Rosewood hotels.

"For decades, Georgetown has seen extremely limited new rental housing, with most new development delivered as condominiums," said Josh White, Senior Vice President at LCOR. "This project introduces a sophisticated offering for residents seeking thoughtful design, modern amenities and immediate access to the waterfront, retail, and dining that make Georgetown one of Washington's most vibrant neighborhoods."

"For more than four decades, the Gewirz family and its partners have developed, owned, and managed these properties," said Rich Jordan, Managing Director at PIP. "The property's transition from office to residential use represents a rare chance to bring much-needed housing and vibrant, community-serving retail to the Georgetown submarket. PIP is excited to partner with Rockpoint and LCOR to unlock the full potential of these exceptionally located assets."

The redevelopment will transform two adjacent 1980s-vintage office buildings originally developed by PIP into a high-amenity residential community in Georgetown. The existing structures will be redeveloped into 179-unit 10-story and 120-unit nine-story apartment buildings, offering a mix of studio through four-bedroom penthouse residences. The design includes step backs along the various building frontages and setbacks at the corners to create open space and relief both vertically and horizontally, offering unobstructed views of the Potomac River, Georgetown, Downtown D.C., and surrounding areas. Planned amenities include multiple resident lounges, a fitness center, rooftop pool, pet spa and library. Apartment interiors will feature premium finishes, including stainless steel appliances, quartz countertops and luxury wide-plank flooring. The existing 282 below-grade parking spaces will also be retained and refurbished.

The property is convenient to D.C.'s major employment hubs in downtown Washington, D.C. and Rosslyn, and Ronald Reagan Washington National Airport (15 minutes) and Dulles International Airport (30 minutes). The location also offers immediate proximity to Georgetown University, historic sites and museums, and more than 450 local boutiques, national retailers, and fine dining options within walking distance.

Rockpoint, along with its predecessor firm, has a longstanding history of investing in the residential sector and has closed on or committed to 144 residential investments since 1995, comprising more than 99,000 multifamily units. The firm continues to strategically target opportunities in high-barrier-to-entry markets with strong demand drivers and where it can create value through active asset management and repositioning strategies.

About Rockpoint

Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, targeting investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 517 transactions with a total peak capitalization of approximately $83 billion. To learn more, visit www.rockpoint.com.

About LCOR

LCOR is a fully integrated multifamily development, investment, and operating company focused on key gateway MSAs in the eastern U.S. LCOR continues to expand its 11,000+ unit portfolio through strategic acquisitions, development, and hands-on property management, delivering exceptional projects in major gateway markets. For more information, visit www.lcor.com.

About Potomac Investment Properties (PIP)

PIP is the development and investment vehicle of the Gewirz family of Washington, DC. The family is one of the City's oldest active development families with a 100-year history of successful development and ownership of projects across a variety of asset classes including Apartments, Condominiums, Commercial Office, Hotel/Hospitality, Mixed-Use, Garage, Infill, and Transit-Oriented Properties. The Family currently controls or is substantially invested in real estate located in the District of Columbia, Maryland, and Virginia. In addition to its commitment to the continued growth of the business community in Washington, PIP and the Gewirz family are dedicated to projects that improve the long-term prospects of all those living and working in the Greater Washington DC area.

Contacts

For Rockpoint:
Erik Carlson / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
[email protected]

For LCOR:
[email protected]

SOURCE Rockpoint Group, L.L.C.