American Real Estate Partners (AREP) and Harrison Street Asset Management (HSAM) have completed an office-to-residential conversion of CityHouse Old Town (CHOT), a luxury rental community featuring 199 residences in the heart of Old Town in Alexandria,Va. The project marks the neighborhood’s first completed office-to-residential conversion and reflects the two firms’ partnership to reposition a legacy office building into a modern residential community aligned with evolving housing demand in the Washington, D.C., metro area.
“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 and 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 operati
