DC Office-to-Resi Opens Its Doors

Willow Bridge Property Co. has opened its office-to-residential conversion project at 1313 L St., N.W., in Downtown Washington, D.C. The company celebrated the opening of Balsa in a ribbon cutting ceremony last week.

The 222-unit community began leasing its one-, two-, and three-bedroom residences in July. The property is almost half-full.

“Balsa checks all the boxes when it comes to what makes a great place to live, and it all starts with the location,” Mark Kirchmeyer, executive vice president of development for Willow Bridge, told Multi-Housing News. “Prime locations aren’t just about what’s here today; it’s about where things are headed, and we strongly believe Downtown Washington D.C. is where the future demand will be.”

Balsa features a variety of amenities including a rooftop with an outdoor kitchen, grilling space and water feature with views of the city. The community also includes a private lounge with games and music, a fitness center, coworking pods, booths, a printing/scanning station and a conference room.

Residents have access to a craft coffee bar, a front desk attendant, 24/7 package pick-up services and cold storage for grocery and meal deliveries. Smart-home technology, including controlled access, is provided for all homes.

Residences feature energy-efficient appliances, custom wardrobe systems and designer cabinetry. Select studio floorplans feature an Ori Cloud Bed system which enables residents to convert their space between a bedroom and a living area by touching a button.

The building was a former office building, completed in the 1980s and home to a nonprofit. Metro-rail lines are within a short walk of the property, offering transportation access throughout the city. Further, residents are within walking distance of retail, dining and entertainment opportunities.

DC’s fundamentals

The market for the District of Columbia had healthy fundamentals entering the fourth quarter of 2024, even as rents decelerated. Advertised asking rent, on a three-month trailing basis, increased by 0.1 percent through September to $2,216. The national average at that time was flat, at $1,750.

But market performance in the short term is less predictable as the Trump Administration continues to shrink the size of the federal workforce and insist that workers come to the office daily.

During an online webcast this week, Leaselock economist Greg Willett said that this could crimp the “work from home” crowd. Layoffs will be a further factor, but we have to “wait and see” to what degree.