At a glance
- The seller was Ascentris, according to Connect CRE, which reported the transaction on Oct.
- The property is 4040 N. Fairfax Drive in Arlington, Va.
- The building is steps from the Ballston-MU Metro station.
Carr Properties paid about $12.25 million, or $65.86 per square foot, for a 186,000-square-foot Ballston office building it plans to convert into 392 apartments. The seller was Ascentris, according to Connect CRE, which reported the transaction on Oct. 22.
The property is 4040 N. Fairfax Drive in Arlington, Va. Carr's plan calls for a high-rise multifamily community with 392 apartment homes and amenities including a rooftop pool. Work is set to begin in summer 2028.
The building is steps from the Ballston-MU Metro station. “Ballston is one of the most compelling residential markets in the Washington region, with exceptional walkability and connectivity,” CEO Oliver Carr said, according to Connect CRE.
At $65.86 a square foot, the price buys the existing office shell and does not include conversion costs.
Carr's Washington residential pipeline already includes a 237-unit community in Alexandria and a 299-unit project in Foggy Bottom. Counting the Ballston plan with those two, the disclosed pipeline totals 928 units. At 392 units, Ballston would be the largest of the three.
Reported by the Sectors desk from Connect CRE. Published . Corrections