4900 Seminary Road has become The Sinclaire on Seminary, a 212-unit luxury apartment building in the Mark Center Submarket of Alexandria
WASHINGTON, DC – February 27, 2023 – PRP announced today that it has completed the transformation of 4900 Seminary Road in Alexandria from a vacant office building to a 212-unit luxury apartment building. This represents an optimal conversion execution, from office to Class A residential use.
Located at 4900 Seminary Road in the Mark Center submarket of Alexandria, Virginia, the Sinclaire on Seminary is now a 212-unit luxury fully-amenitized high-rise apartment community with first-floor retail. The Sinclaire on Seminary offers its residents spacious units averaging 850 square feet, extra large windows providing light and air, and ceiling heights over 10 feet. The Sinclaire on Seminary provides several amenities to its residents including a generous fully contained dog park for the exclusive use of its residents, ground-floor retail, individual storage spaces throughout the building, an indoor parking garage connected by a covered walkway, and significant outdoor lounge areas with firepits, a bocce court, and outdoor recreational opportunities. PRP will target LEED status as well as an Energy-Star rating for the apartment building.
The Sinclaire on Seminary is located within the Mark Center submarket, an amenity-rich location that is situated along I-395 in Alexandria and 10 minutes from Amazon’s HQ2, The Pentagon, National Landing and numerous government facilities. The location offers approximately 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. The building is across the street from the Mark Center Transit Center, providing regional and local bus service as well free shuttle service to two nearby Metrorail stations.
“We are incredibly proud of this office to residential conversion”, stated Paul Dougherty, President of PRP. “The Sinclaire on Seminary represents a perfectly-executed adaptive reuse project. The office building was a highly efficient and optimal candidate for conversion given its rectangular shape, narrow bays, high ceiling heights and our low basis, all requisites for successful conversions. We were able to get this project capitalized and kicked-off at the onset of Covid in what was an incredibly challenging time. The final product is the most luxurious and highly-amenitized property in the Mark Center submarket”.
The Sinclaire on Seminary is managed by Kettler, and welcomed its first residents in December of 2022.
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 55 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit www.prprei.com.
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400
