Carr Properties Buys Alexandria Project From CarrAmerica
Carr Properties purchased a 2-acre parcel in Old Town North from CarrAmerica, planning to develop 373 units. The sale marks a continuation of Carr Properties' expansion into residential conversions.
Original reporting · bisnow.com
Original: “Oliver Carr Jr.'s Firm Sells Alexandria Project To His Son's Company”
Read “Oliver Carr Jr.'s Firm Sells Alexandria Project To His Son's Company” at Bisnow →)
How this was written. Westchester Made wrote this article with a language model from Bisnow’s reporting (model: @cf/meta/llama-3.3-70b-instruct-fp8-fast); it describes that reporting rather than adding to it. The original, linked above, is the full story.
Key points from Bisnow’s report
- Carr Properties has purchased a 2-acre parcel in Old Town North from CarrAmerica, planning to develop 373 units.
- The company plans to start construction on the apartment building in the spring of 2028, with delivery expected two years later.
- Carr Properties is expanding its portfolio of residential conversions, marking a shift from its traditional office business.
- The project is part of a larger trend of office-to-residential conversions in the region.
- Carr Properties is poised to play a larger role in the Old Town Alexandria market with its growing portfolio of residential projects.
Carr Properties, a developer and owner led by Oliver Carr III, has acquired a 2-acre parcel at 300 Montgomery St. in Old Town North, according to Bisnow. The company plans to redevelop the site into 373 units, adding to its growing portfolio of residential conversions. This project is situated across the street from another Carr Properties residential conversion, the 237-unit Margot, which is set to deliver this year.
The site, formerly known as the Montgomery Center shopping center, was previously owned by CarrAmerica, founded and chaired by Oliver Carr Jr., Carr III's father. CarrAmerica had purchased the site for $35M in 2021 and planned to build a residential building with retail and a performing arts center. However, the company has now sold the site to Carr Properties for $30M.
Carr Properties plans to start construction on the apartment building in the spring of 2028, with delivery expected two years later. The company's expansion into residential conversions is a notable shift from its traditional office business. Carr III expressed enthusiasm for the project, stating that the company loves the Old Town Alexandria market and is excited to continue growing in the vibrant community.
The project is the latest in a series of office-to-residential conversions announced by Carr Properties over the past year. The company recently closed on a Ballston office that it plans to convert into 392 units of residential, also expected to begin construction in 2028. Additionally, Carr Properties is developing a 299-unit downtown D.C. apartment building and a 315-unit project in Clarendon.
Carr Properties' pivot towards residential conversions comes as the company has been divesting its office holdings. In 2025, the firm handed over three D.C. office buildings to a J.P. Morgan Asset Management fund as part of an equity buyout, as first reported by Bisnow. Since then, Carr Properties has sold multiple other office buildings in the area, including 4500 East-West Highway in Bethesda and 901 K St. NW in D.C.
The sale of the Montgomery Center site to Carr Properties marks a significant transaction within the Carr family. CarrAmerica declined to comment on the sale, while Carr Properties is moving forward with its plans to develop the site into a residential building. As the company continues to expand its residential portfolio, it is likely to play a larger role in the Old Town Alexandria market.
Carr Properties' growth in the Old Town Alexandria market is a notable development in the region's real estate landscape. With multiple projects underway, the company is poised to make a significant impact on the area's residential scene. As construction begins on the Montgomery Center site, the community can expect to see a new addition to the neighborhood's housing stock.
Questions and answers
What is Carr Properties planning to develop on the Montgomery Center site?
Carr Properties plans to develop 373 units on the site, with construction expected to start in the spring of 2028.
How much did Carr Properties pay for the Montgomery Center site?
Carr Properties paid $30M for the site, which was previously purchased by CarrAmerica for $35M in 2021.
What is the significance of Carr Properties' expansion into residential conversions?
Carr Properties' expansion into residential conversions marks a shift from its traditional office business, and the company is poised to play a larger role in the Old Town Alexandria market.
