Carr Properties has purchased 4040 N. Fairfax Drive, a 186,000-square-foot office building in the Ballston neighborhood of Arlington, Virginia, from Ascentris. The transaction is part of Carr Properties’ strategy to expand its residential footprint in the region by repositioning well-located office assets.
The buyer plans to convert the existing office property into a high-rise multifamily community totaling 392 apartment homes. Redevelopment work is scheduled to begin in summer 2028, transitioning the site from single-tenant office use to a residential-focused asset with modern amenities.
The purchase price for 4040 N. Fairfax Drive was approximately $12.25 million, which equates to about $65.86 per square foot based on the building’s existing 186,000-square-foot footprint. The planned redevelopment will feature 392 units and shared amenities, including a rooftop pool, positioning the property as a luxury multifamily offering upon completion.
Company leadership described the acquisition as aligned with its objective of growing a residential portfolio in locations that offer strong fundamentals. Ballston was highlighted as a compelling residential market within the broader Washington region, with a mix of walkability and connectivity that supports high-density housing and amenity-rich development.
The property is located a short distance from the Ballston-MU Metro station, providing convenient access to regional employment centers, retail options, and local restaurants. Carr Properties indicated that adding 4040 N. Fairfax Drive to its holdings further strengthens its residential pipeline in the Washington area.
In addition to the Ballston acquisition, the company is advancing other multifamily projects across the region. Carr Properties is currently developing a 237-unit multifamily community in Alexandria and a 299-unit residential community in Washington, D.C.’s Foggy Bottom neighborhood, underscoring its broader commitment to scaling its residential platform.
