American Real Estate Partners and Harrison Street Asset Management announced their joint venture has completed an office-to-residential conversion of CityHouse Old Town, a luxury rental community featuring 199 residences in the heart of Old Town, Alexandria.

The project marks the neighborhood’s first completed office-to-residential conversion and reflects the two firms’ partnership to reposition a legacy office building into a modern residential community aligned with evolving housing demand in the Washington, D.C. metro area.

The property also features approximately 17,000 square feet of ground-floor retail. Located in the heart of Old Town Alexandria, the property has walkable access to neighborhood retail, the waterfront and the King Street Metro.

“As the office market recalibrates, conversion isn’t right for every building,” said Brian Katz, Co-Founder & President of American Real Estate Partners. “The projects that succeed require the right cost basis and capital structure, disciplined execution, a strong operating platform, and close coordination with the city.”