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American Real Estate Partners Begins Transformation of 1101 King Street into CityHouse Old Town

by | Mar 14, 2024 | News

This article originally appeared on Business Wire.

AREP set to define a new era of luxury rental living with the ~200-unit property in the heart of Alexandria, delivering in 2025.

Today, American Real Estate Partners (AREP) announced the official start of construction on CityHouse Old Town, the company’s latest luxury rental development for the firm’s residential platform: CityHouse. Joining them is AREP’s strategic investment partner Silverpeak Real Estate Partners.

Nestled in the heart of King Street in historic Old Town Alexandria, one of the most popular neighborhoods in the Washington D.C. region, AREP is converting a former 200,000 SF office building and transforming it to be one of the most sought-after addresses in the area. Pre-leasing on CityHouse Old Town will begin in the Summer of 2025, with construction to be completed later that Fall.

“AREP’s strategic alignment with evolving market trends underscores our dedication to innovation and resilience, tailoring investments to create optimal value. Office-to-residential conversions are highly coveted, yet challenging to find feasible opportunities that are in the right markets. CityHouse Old Town is the convergence of location, floor plate, and basis, which offers a unique opportunity for our partners,” said AREP Co-founder & President Brian Katz. “Developing amenity-rich properties with ample space in walkable edge cities is a key tenet of our residential strategy. CityHouse Old Town highlights our vision for distinctive, sought-after destinations and we’re thrilled to get construction underway.”

Once finished, CityHouse Old Town will epitomize bespoke rental living and add to the immense character and popularity of historic Old Town Alexandria. The CityHouse community will include approximately 200 homes ranging in size from 525 square-foot studios to deluxe three-bedroom apartments with a den to accommodate hybrid work. Additionally, the building’s tiered design allows for private wraparound terraces for the majority of homes.

Punctuating its unique features and ideal location just steps away from the King Street Metro, the seven-story property with its six-story interior atrium, rises above the surrounding buildings. The rooftop terrace provides panoramic views of Old Town, the riverfront, and DC monuments. CityHouse Old Town’s concierge, private club suite, and state-of-the-art fitness facility, coupled with a wide array of incredible food & beverage destinations mere feet from residents’ doorsteps, will provide an oasis for those who want to combine the convenience and vibrancy of city living with hospitality-level service and luxury lifestyle amenities.

“Where you are says a lot about who you are, and CityHouse Old Town epitomizes AREP’s strategy of creating extraordinary places where people want to be. CityHouse Old Town is not just a residence – it’s a sensibility,” said Mark Taylor, Managing Director of Residential for AREP.

To ensure that the investment team’s development vision for CityHouse Old Town was met, AREP selected an award-winning design and construction team: Cooper Carry led the redevelopment design, residential hospitality design studio RD Jones designed the interior spaces, and Hoar Construction is the general contractor. Bozzuto Management continues its successful partnership with AREP and will serve as property manager once CityHouse Old Town delivers in Fall 2025.

About American Real Estate Partners

Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis, in key markets across the country. Since the company’s founding in 2003, AREP has deployed over $6B across targeted geographies, acquired more than 22 million SF of Class A real estate, and currently oversees a portfolio of over 12 million SF. AREP’s vertically integrated real estate platform and experienced management team provide exceptional expertise in all ownership disciplines, from acquisition and development to asset management, repositioning, and realization. By leveraging this expertise and the firm’s long-standing strategic relationships, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors, partners, and customers. For more, visit AREP’s Newsroom or follow us on LinkedIn.

About Silverpeak

Silverpeak is an alternative investment management firm exclusively focused on investing across the real estate and energy sectors. Headquartered in New York City, with offices in Atlanta and London, Silverpeak has acquired more than $25 billion of gross asset value across asset classes and geographical markets. For more information, please visit www.silverpeak.com.



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