MCLEAN, VA – American Real Estate Partners ( AREP ), announced the company s acquisition of 1101 King Street in the heart of Ancient Town, Alexandria. This is AREP s fifth investment through its Strategic Opportunity Fund III ( Fund III ) which is now 60% deployed. The company has selected Cooper Carry to lead the project redevelopment design and residential hospitality design team RD Jones for the interiors. Construction is set to start in July 2023.
The redeveloped 200,000 square foot building will contain approximately 200 apartments and 17,500 square feet of retail and office space on its first floor. This latest acquisition is part of AREP s broader strategic investment focus targeting industrial, data center, residential, and office assets across East Coast urban & urbanized suburban markets. The acquisition included the simultaneous buy of all condominium units in the office building from the seven owners. All office leases were restructured to allow for a deconversion of the office condominium and redevelopment into a mixed-use property. AREP will maintain the ground floor retail leases including Orange Theory and Paris Baguette throughout construction so as not to disrupt the community amenities.
Located in the heart of King Street s bustling restaurant and retail corridor, 1101 King St. is walking distance to everything residents need to live, work and play. Once completed, the reimagined property will provide residents with a club room, fitness center, and a rooftop social terrace—with incredible views of Ancient Town. Premium access to live entertainment and waterfront park activities are just steps from the property s front door, and the King Street metro is a 10-minute walk and only three stops to Amazon HQ2.
Aligned with AREP s portfolio-wide focus on wellness and value-rich experiences, 1101 King St. will offer world-class features and curated amenities, including shared hybrid workspaces and premium hospitality concierge services. With thoughtful consideration of the post-COVID shift to hybrid work, the redesigned 1101 King St will feature larger than average unit sizes that enable indoor and outdoor living, incorporating deep terraces and in-home workspaces.
We are thrilled with the acquisition of 1101 King. It sits in the very center of historic Ancient Town Alexandria and rises four tales above the buildings around it with views of the entire city. The balconies on each level are more like terraces, with many 10 to 20 feet in depth. It is a one-of-a-kind asset that can never be replicated, said Doug Fleit, Co-Founder & CEO of AREP. This asset illustrates AREP s strategy of looking for special properties in vibrant and emerging locations that can be repurposed for residential use.
This office to multifamily conversion acquisition is one of our core investment strategies and reinforces our ability to identify strong investments across diversified product types and markets to deliver value, said Brian Katz, Co-Founder & President of AREP.

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CEDAR PARK, TX – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Latitude at Presidio, a 2017-built, 337-unit apartment complex located in the Cedar Park suburb of Austin, TX.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “Our team has been evaluating Austin, TX for the right quality multifamily community, in the right location, with the latest and greatest in modern resort style amenities. We feel Latitude at Presidio is best-in-class and matches our criteria and more for our respected residents. The atmosphere at Latitude is exciting and refreshing.”
Latitude at Presidio features one, two, and three-bedroom units with an average floorplan size of 959 square feet. The units feature stainless steel appliances, euro style cabinetry, USB charging ports, ceramic tile backsplash, and white quartz countertops. The property is located just off of I-35 and is 25 minutes from downtown Austin. The property’s amenities include a swimming pool, a billiard and gaming room, an outdoor kitchen with grilling stations, a dual level fitness center, a coffee bar, an outdoor lounge area with fire pits, and a dog park.
“We are excited to add what we feel is another best-in-class community to our portfolio,” said Steve Excellent, TerraCap Partner and National Director of Acquisitions. “Our general thesis is to invest in high quality properties in growth markets, and we feel there is a compelling case to made for both this property and the Austin MSA overall. Our goal is continue finding more opportunities and continue building our long-term presence in this dynamic market.”
Matt Pohl and Kevin Dufour of Walker & Dunlop represented the seller in the disposition. ZRS Management was hired as property manager.

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NEWPORT BEACH, CA – A joint venture between Village Partners Investments of Newport Beach, California and The Bascom Group of Irvine, California has received full entitlements and approval of its development agreement for the mixed-use State Street Village project at the site of the former Redlands Mall in Redlands, California.
State Street Village entitlements were unanimously approved with a 7-0 vote by the Redlands Plotting Commission and a 5-0 vote by the Redlands City Council. This positive momentum continued with a unanimous 7-0 vote by the Plotting Commission and a unanimous 5-0 vote by the City Council on July 19, 2022, approving State Street Village’s Development Agreement with the City of Redlands. The State Street Village Development Agreement was officially approved with the adoption of Ordinance No. 9233, indicating final approval by the City of Redlands.
Village Partners principal Michael Morris remarked “State Street Village will provide a significant contribution to Redlands’ diversity and supply of housing.” His partner, Don Henry, similarly stated “We are excited to bring back the historical street grid, small blocks and transform the once lively Redlands Mall into an exciting new pedestrian district that promotes walkability and honors Downtown Redlands history.”
State Street Village will be a vibrant, 12.2-acre mixed-use pedestrian district in the heart of downtown Redlands and will serve the community’s housing and commercial needs with a variety of high-quality housing options, curated retail tenants, and restaurants. This project will serve as a centerpiece of Redlands’ public life, showcasing the best of local cuisine, art, landscape, and design. With entitlements and development agreement in hand, the State Street Village project will press forward and break ground in the latter part of 2023.
Designed by architectural firms Mithun, Torti Gallas Partners, and BAR Architects, the State Street Village redevelopment will honor and restore the prominence of historic Downtown Redlands, extending State Street toward a grand new public gathering space, Redlands Plaza, set below a grand new archway. At completion, this redevelopment will provide approximately 700 new residential units and cutting-edge amenities to support Redland’s growing population, and will be home to many local business, restaurants, and bars with its roughly 84,000 square feet of commercial space.

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