AREP and Harrison Street Complete Office-to-Residential Conversion at CityHouse Old Town in Alexandria

American Real Estate Partners (AREP) and Harrison Street (HSAM) announced April 6, 2026, the completion of CityHouse Old Town, a 199-unit luxury rental community at 1101 King Street in Old Town Alexandria, Virginia. The project represents the neighborhood's first completed office-to-residential conversion and adds approximately 17,000 square feet of ground-floor retail space.

Project Overview and Office Real Estate Repositioning

The real estate development involved the structural reconfiguration of a legacy office building that had been subdivided into seven individually owned office condominiums. AREP and HSAM, operating through a joint venture, consolidated those condominium interests and repositioned the asset as a multifamily residential community. Construction began in February 2024 and concluded in April 2026.

The conversion required coordination with the City of Alexandria's Planning & Zoning team, the City Manager's office, economic development staff, and the Board of Architectural Review to secure entitlements and approvals prior to breaking ground. The project also required careful preservation of the building's architectural character, given its location within one of Northern Virginia's most historically sensitive districts.

"1101 King Street is a rare site in Old Town Alexandria. From the beginning we had a clear plan to create long-term value for our investors, our residents and our community," said Brian Katz, Co-Founder & President of American Real Estate Partners. "As the office market recalibrates, conversion isn't right for every building. The projects that succeed require the right cost basis and capital structure, disciplined execution, a strong operating platform, and close coordination with the city. CityHouse reflects that approach."

Mixed-Use Component

In addition to the 199 residential units, CityHouse Old Town includes approximately 17,000 square feet of ground-floor retail space. The property's location offers walkable access to neighborhood retail, the Old Town waterfront, and the King Street Metro station, factors that AREP and HSAM cited as underpinning residential demand fundamentals for the repositioning.

KNLB is handling retail leasing for the project. Bozzuto Management Company has been named property manager for the residential component.

Real Estate Development Team

AREP assembled a project team that included Hoar Construction as general contractor, Cooper Carry as architect, RD Jones + Associates for interior design, LandDesign as landscape architect, SK&A Structural Engineers for structural engineering, SSA Engineering for mechanical engineering, and Hickok Cole Creative for brand and identity development.

"CityHouse Old Town reflects the power of partnership between private capital, experienced operators, and local stakeholders," said Michael Borchetta, Senior Managing Director & Co-Head of the North America Transactions Group at Harrison Street Asset Management. "Partnering with AREP, we were able to deliver much-needed housing in Old Town Alexandria while integrating the historic fabric of the neighborhood through adaptive reuse."

Firms Behind the Joint Venture

AREP is a Greater Washington, D.C.-based institutional fund manager and real estate developer with over $30 billion deployed or committed across major U.S. markets. The firm specializes in data center, residential, industrial, and office assets and has acquired over 40 million square feet of Class A real estate. AREP is also currently developing over 32 million square feet of hyperscale data centers nationally.

Harrison Street Asset Management is headquartered in Chicago with additional offices in Toronto and London. The firm manages over $108 billion in assets under management across real estate, infrastructure, and credit strategies, with more than 600 employees in offices across North America, Europe, Asia, and the Middle East.

No financial terms, including transaction price, loan amount, or cap rate, were disclosed in connection with the project's completion.