ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project converting a former office building in Alexandria’s Old Town neighborhood into a rental housing community.
The partnership received an $84 million construction loan from investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings.
The eight-story, 250,000-square-foot project will offer 237 apartments in studio, one-, two- and three-bedroom floor plans. Planned amenities include an outdoor pool and a resident lounge/amenity center. The property will also include a performing arts venue, which will be leased to CityDance. About one-third of the apartments will offer views of the Potomac River.
Carr Properties purchased the development site, formerly 901 N. Pitt St., in spring 2024. The property is located roughly seven miles south of Washington, D.C. Construction is underway, and the community is slated for completion by late 2026.