American Real Estate Partners fund makes fifth acquisition

American Real Estate Partners (AREP) has purchased 1101 King Street in the heart of Old Town in Alexandria, Va.

The company has selected Cooper Carry to lead the project redevelopment design and residential hospitality design team RD Jones for the interiors. Construction is set to begin in July 2023.

The redeveloped 200,000-square-foot building will contain about 200 apartments and 17,500 square feet of retail and office space on its first floor. The acquisition is part of AREP’s broader strategic investment focus targeting industrial, data center, residential, and office assets across East Coast urban and urbanized suburban markets. The acquisition included the simultaneous purchase of all condominium units in the office building from seven owners. All office leases were restructured to allow for a deconversion of the office condominium and redevelopment into a mixed-use property. AREP will maintain the ground floor retail leases including Orange Theory and Paris Ba