American Real Estate Partners and Harrison Street Asset Management have completed the office-to-residential conversion of CityHouse Old Town, introducing a new luxury rental community in the heart of Old Town, Alexandria. The joint venture has delivered 199 residential units at the property, which had previously operated as a legacy office building.
The project is described as Old Town Alexandria’s first completed office-to-residential conversion, underscoring a shift in how obsolete or underused office assets are being repositioned in response to housing needs. The partners repositioned the property into a modern multifamily community that aligns with evolving residential demand across the broader Washington, D.C. metro area.
In addition to its residential component, CityHouse Old Town includes approximately 17,000 square feet of ground-floor retail space. The building’s location in the center of Old Town provides residents and retailers with walkable access to neighborhood shops, the nearby waterfront and the King Street Metro station, linking the property to the regional transit network and employment centers across the metro area.
Commenting on the broader office market context, Brian Katz, co-founder and president of American Real Estate Partners, noted that not every office building is a suitable candidate for conversion. He emphasized that successful repositioning efforts depend on the right cost basis and capital structure, along with disciplined execution, a strong operating platform and close coordination with the local municipality. His remarks highlight the interplay between capital planning, asset selection and public-sector engagement in executing office-to-residential projects.
The completion of CityHouse Old Town illustrates how collaborative partnerships between experienced real estate investment and asset management firms can reshape existing office inventory into residential product. By combining multifamily units with street-level retail in a walkable location, the joint venture has delivered additional housing options while retaining an active ground-floor presence that supports the surrounding Old Town Alexandria neighborhood.
The project also reflects how the Washington, D.C. metro area’s changing office dynamics are encouraging select owners and investors to explore adaptive reuse strategies. As the office market recalibrates, examples like CityHouse Old Town show how targeted conversions, when backed by appropriately structured capital and municipal cooperation, can reposition buildings to better match current demand patterns.
