Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
The Foundry — a 2020 Federal Office-to-Residential Conversion — Sells in Alexandria
Perseus TDC along with partners Four Points and ELV Associates have sold The Foundry, a 16-story, 520-unit multifamily with 25,562 square feet of retail space in Alexandria.
Timberline Real Estate Ventures, on behalf of itself and IGIS Asset Management, purchased the 96%-leased asset for an undisclosed price. Walker & Dunlop represented both parties.
“The Foundry added high-end residential space to a dynamic region experiencing explosive growth,” said Adam Peters, Regional Partner at Perseus TDC. “This successful adaptive-reuse project demonstrates the value of repositioning vacant, dated assets into thriving, amenity-rich multifamily developments.”
The Foundry‘s conversion from federal office building to multifamily was completed in March 2020 and leased in record pace. It sits two blocks from the Metro and is surrounded by more than 650,000 square feet of walkable retail space. Nearby National Landing is ramping up the development of Amazon HQ2 and the Virginia Tech Innovation Campus, projects that will continue to fuel demand for multifamily properties.
- ◦Sale/Acquisition
