PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia
ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet.
The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C.
Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.