Carr to develop a 234-unit multifamily rental property in prime Old Town site, furthering the company’s expansion into residential
Carr Properties (“Carr”), a hospitality-driven, privately-held real estate investment trust that owns, operates, acquires and develops best-in-class office and residential properties, announced today the acquisition of 901 N. Pitt Street, a prime site in Old Town adjacent to Montgomery Park in Alexandria, VA. The site is currently home to a vacant office building, which Carr plans to demolish and develop a 250,000 square foot multi-family property, compromised of 234 residential rental units, including affordable housing units. The property will include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue, and nearly 7,000 square feet of additional ground floor retail space.
901 N. Pitt Street is located 1.5 miles south of Potomac Yards, in close proximity to upcoming transformative developments such as Amazon HQ2 and the Virginia Tech Innovation Campus.
“Leveraging decades of expertise in developing premium quality office properties across our core markets, we continue to diversify our portfolio and extend our commitment to excellence by creating this differentiated living experience in Alexandria,” said Oliver Carr, CEO at Carr Properties. “Old Town is a highly sought after market in the DC-area, characterized by its exceptional walkability, historic neighborhood character, a vibrant restaurant scene, and proximity to desirable business and entertainment hubs.
The transaction marks the company’s latest strategic expansion into residential development following the success of its first residential project, The Elm, a two-tower luxury apartment building in Bethesda, MD. The Elm achieved market-leading rents and received numerous awards including NAIOP DC|MD Awards of Excellence: Best Multi-Family Project, Delta Associates’ Apartment & Condo Industry Awards for Excellence: Best Suburban Maryland High-Rise Apartment Community, and Bethesda Magazine’s #1 Best Luxury Apartment for three consecutive years.
Incorporating the same standards for excellence, 901 N. Pitt Street will stand eight stories tall and will offer studio to three-bedrooms units. Best-in-class amenities include an outdoor pool and resident lounge/amenity center. Approximately one-third of the units will boast picturesque views of the Potomac River. Carr will bring 901 N. Pitt Street to life with partners SK+I Architecture and interior design firm Edit Lab by Streetsense, the latter of which delivered the full interior vision for Carr’s award-winning Signal House project located in the Union Market District of Washington, DC.
901 N. Pitt Street will follow industry leading sustainability measures and is designed to achieve LEED Silver certification.
CityDance, a Washington, DC nonprofit dance institution dedicated to developing the next generation of dance artists and innovators, has committed to lease the entirety of the 6,445-square-foot performing arts venue space. This commitment reflects the Alexandria’s goal of transforming the neighborhood surrounding 901 North Pitt Street into an arts district. The ground floor consists of two additional retail bays along Montogomery Street, totaling 6,906 square feet of attractive retail space. Carr is pursuing experiential operators to give a best-in-class retail experience in both spaces.
Carr plans to break ground this fall, with completion slated for late 2026.