ALEXANDRIA, Virginia–(BUSINESS WIRE)–A joint venture between USAA Real Estate and Lowe, a national real estate investor, developer and manager, today announced the completion of Park + Ford’s adaptive reuse of the three-storey former Park Center office complex. buildings into a 435-contemporary apartment community with 115,000 square feet of office space. Located at 4401 Ford Avenue in Alexandria, Virginia on the I-395 corridor, the community is close to Washington, D.C. and other area business centers, as well as many shopping, dining, and dining destinations. and entertainment.
The 568,000 square foot Park Center office complex consisting of two 14-story office towers and a four-story office building built atop a 1,400-space parking lot was acquired by the joint venture in January 2018 Drawing on his experience with a former office-to-residence conversion at The George in Wheaton, Maryland, Lowe developed a program to capitalize on traditional high-rise office attributes, such as 10-foot ceilings and large floor plates. , to transform the two 14-story office buildings into spacious apartment homes with a wide range of desirable community amenities.
“Park + Ford offers larger apartment residences than are typically developed as new construction. At the time we purchased the property, pre-pandemic, we identified growing interest among young professionals, many of whom are beginning to couple and start families, for an apartment community with more space for work and family, as well as style and convenience,” said Mark Rivers, executive vice president, Lowe. “We decided to continue construction at the height of the pandemic in 2020 and found we could contract at favorable costs. We also avoided delays due to supply chain disruptions, which began later in the pandemic. When we started welcoming residents, we found that the pandemic was only fueling demand for precisely the environment and residences we created at Park + Ford. In fact, the first leases signed were for one-bedroom plus den and two-bedroom units, while historically smaller units rent first.
Park + Ford offers studio, one-bedroom, one-bedroom-plus-den, two-bedroom, and two-bedroom-plus-den configurations, most with private patios or balconies. All residences feature wood-plank floors, quartz countertops, energy-efficient appliances including built-in washers and dryers, and floor-to-ceiling windows creating a bright and airy living environment.
Park + Ford’s common areas evoke the atmosphere of a boutique hotel with upscale contemporary and comfortable design in warm tones complemented by colorful and eye-catching decorative touches. Gathering places are plentiful and attractive; the lobby; Co-working space; Social Lounge with interactive multi-sport game simulator; Club Room with kitchen, dining room, televisions and fireplace; and the sunny, plant-filled lanai are all equipped with a variety of seating options for casual meetings, remote work, or community-organized events. Residents also have access to a private dining room and catering kitchen for meetings or social gatherings, while kids have their own space at Park + Ford with a kid’s room stocked with toys and games.
Park + Ford offers inviting outdoor spaces including The Yard, a large landscaped area with a bocce court and nearby terrace with lounge chairs, misters and a cascading fountain. The plaza offers outdoor dining, grilling stations, fire pits and private cabanas, while the sprawling 5,000 square foot fenced-in dog play area, reserved for residents, offers shade, seating and water points for pets.
Convenience and service are hallmarks of Park+Ford with a host of on-demand app-based services such as housekeeping, laundry and dry cleaning, package notification and storage, including refrigerated boxes for deliveries of perishable foodstuffs and out-of-home care. A concierge, lobby coffee bar, and self-service take-out market round out the community’s hospitality-focused experience.
A highlight of the property for residents and the community is the 55,000 square foot XSport fitness club in the adjacent four-story building. The popular fitness club, open to members 24 hours a day, seven days a week, offers a range of classes, state-of-the-art equipment, an Olympic-size indoor pool, spa and basketball court. A Spanish immersion daycare, Tierra Encantada, is scheduled to open at the resort in summer 2022.
The faster-than-expected rental rate, with an occupancy rate already approaching 50%, demonstrates that Lowe’s anticipation of market wants and needs was on target. Rental and additional community information is available at https://www.parkandford.com.
Lowe established its Washington, DC regional office in 1980 and has been an active developer of commercial real estate throughout the region. Some of Lowe’s signature projects in the area include The Hepburn, ultra-luxury apartments developed next to the famed Washington Hilton hotel where the company completed a $150 million restoration, the National Science Foundation headquarters development of 700,000 square feet in Alexandria, Virginia, and CityVista, a transformative mixed-use development in the Mount Vernon Triangle area of Washington, D.C.
Based in Los Angeles, Lowe, formerly known as Lowe Enterprises, is a leading national real estate investment, development and management company. Over the past 50 years, she has developed, acquired or managed more than $32 billion in real estate assets nationwide while pursuing her mission to create value in real estate by creating innovative and sustainable environments and meaningful experiences that connect people and places. Lowe currently has more than $2 billion in commercial real estate projects in the pipeline or under development. In addition to its headquarters in Los Angeles, Lowe has regional offices in Southern California, Northern California, Charleston, Denver, Seattle and Washington, D.C. Lowe’s hospitality subsidiary, CoralTree Hospitality, operates numerous hotels and resorts across the United States. Lowe’s commercial property operating subsidiary, Hospitality at Work®, provides a hospitality-inspired property management service to office buildings nationwide. Lowe’s affordable housing subsidiary, Concord Communities, is actively developing and redeveloping quality affordable communities in the Washington, DC metro area.
For more information visit www.Lowe-RE.com www.hospitality-work.com www.coraltreehospitality.com www.concordcommunities.com
About USAA Real Estate
Together with its affiliates, USAA Real Estate invests across the risk spectrum for a global clientele, managing over $36 billion in net assets under management across a diversified portfolio in North America and Europe. USAA Real Estate provides strategic equity and debt capital, including to capitalize on the growing demand for technology-driven real estate assets, to address the critical need for housing solutions, and for other market and development opportunities. capital structure with compelling risk-return characteristics. For more information, visit usrealco.com.