The original building was constructed in the 1980s.
A joint venture between American Real Estate Partners and Harrison Street Asset Management has completed CityHouse Old Town, a 199-unit luxury multifamily adaptive reuse project located in Alexandria, Va. It is the market’s first office-to-residential conversion.
Leasing began late last year and the community in the Washington, D.C., metro area. The property is currently 40 percent occupied.
Construction on the conversion project began in early 2024, as the developer closed on $61.8 million in construction financing from Bank OZK, according to public records. The financing package included a $26.1 million five-year interest-only mezzanine loan, which was originated by investment funds managed by Mesa West Capital and arranged by Newmark…