Carr Properties Lands $92M for DC Redevelopment
The 299-unit community will be built at the site of a demolished office building.
Carr Properties has secured $92 million in construction financing for 2121 Virginia Ave. NW, an office-to-residential redevelopment project in Washington, D.C.’s Foggy Bottom neighborhood. PNC Bank and United Bank issued the five-year note for the 299-unit community, in a deal arranged by Berkadia.
Demolition of the former office building started in March, with vertical construction of the new structure scheduled for this month and delivery slated for the second quarter of 2028. Clark Construction is the general contractor and Michael Graves Architecture is in charge of design.
Carr Properties acquired 2121 Virginia Ave. NW in 2025 for $23.5 million, at a time when the property was vacant. The building was completed in 1986 and underwent renovations in 2004. The community will include 30 affordable units, as well as a rooftop deck with pool, fitness center, resident lounge and garden.
READ ALSO: How Office Conversions Are Reviving Downtowns
Across metro Washington, D.C., developers broke ground on 8,119 units across 30 multifamily projects in the first eight months of 2026. The figure marks a significant improvement compared to the same period in 2025, when developers began work on only 5,333 units across 25 properties, according to Yardi Matrix data.
Berkadia Managing Director Brian Gould and Vice President Pat Cunningham led the D.C. team securing financing, alongside the firm’s Senior Managing Directors Brian Crivella and Patrick McGlohn, Managing Directors Yalda Ghamarian and Bill Gribbin and Associate Director Natalie Hershey.
A White House-adjacent future community
Carr Properties’ development benefits from a 20-year tax abatement, under the District’s Housing in Downtown program, which supports commercial-to-residential conversions and redevelopments.
The community will stand 1 mile west of the White House and the Lincoln Memorial. Same as other early-adopted office-to-residential conversion programs across the U.S., the D.C. one has seen multiple projects taking root. The list includes Rockpoint’s redevelopment of two office buildings at 1000 and 1050 Thomas Jefferson St. NW into a 299-unit community.
Carr Properties’ conversion portfolio in metro Washington, D.C., also includes 3033 Wilson, a redevelopment in Arlington, Va., totaling more than 300 units, as well as Margot in Alexandria, Va., another vacant office property that will be transformed into a 237-unit community.
