An Alexandria shopping center that CarrAmerica was planning to redevelop as an apartment building has been sold to the other company in the Carr family.
Carr Properties, a developer and owner led by Oliver Carr III, purchased the 2-acre parcel at 300 Montgomery St. in Old Town North with plans to turn it into 373 units, the company told Bisnow. It sits across the street from another of its residential conversions: the 237-unit Margot, set to deliver this year.
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Carr Properties' new site houses a low-rise square block of midcentury retail called Montgomery Center. CarrAmerica, founded and chaired by Carr III's father, Oliver Carr Jr., purchased the site for $35M in 2021. It had planned to build a residential building with retail and a performing arts center.
Carr Properties and CarrAmerica are two separate entities.
CarrAmerica declined to comment.
Carr Properties plans to start construction on its apartment building in the spring of 2028 and deliver it two years later. The company said the sale closed on Wednesday and that it paid $30M.
“We love the Old Town Alexandria market and are excited to continue growing in such a vibrant community,” Carr III said in an emailed statement to Bisnow. “We're looking forward to building on what we've started here and playing a larger role in Old Town's next chapter.”
The project is the latest in a slew of office-to-residential conversions that Carr Properties has announced over the past year, in an apparent pivot from its bread-and-butter office business.
Just last week, the firm closed on a Ballston office that it plans to convert into 392 units of residential. That project is also expected to begin construction in 2028. It’s also developing a 299-unit downtown D.C. apartment building and a 315-unit project in Clarendon.
Meanwhile, on the office side, Carr Properties handed over three D.C. office buildings to a J.P. Morgan Asset Management fund in 2025 as part of an equity buyout, Bisnow first reported at the time. In the months since, it sold multiple other office buildings in the area, including 4500 East-West Highway in Bethesda and 901 K St. NW in D.C.
UPDATE, OCT. 23, 10:30 A.M. ET: This story was updated to clarify that Carr Properties and CarrAmerica are two separate entities.
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