Carr Properties has acquired 4040 N. Fairfax Drive, a 186,000-square-foot office building in Arlington, Virginia’s Ballston neighborhood, from Ascentris.

The company plans to redevelop the site into a 392-unit multifamily community, with work beginning in summer 2028. The purchase price was approximately $12.25 million, equating to about $65.86 per square foot. The planned high-rise community will include 392 apartment homes and amenities, including a rooftop pool.

“4040 N. Fairfax represents exactly the type of opportunity we’re seeking as we continue to grow our residential portfolio,” said Oliver Carr, CEO of Carr Properties. “Ballston is one of the most compelling residential markets in the Washington region, with exceptional walkability and connectivity. We see tremendous value in repositioning well-located properties like this into luxury multifamily communities.” 

Located steps from the Ballston-MU Metro station, 4040 N. Fairfax Drive offers convenient access to regional employers, retail and local restaurants. The acquisition of 4040 N. Fairfax further expands the company’s residential pipeline platform across the Washington region. The company is currently developing a 237-unit multifamily community in Alexandria and a 299-unit residential community in Washington, D.C.’s Foggy Bottom neighborhood.

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