Carr Properties Acquires 4040 N. Fairfax Drive in Arlington
October 14, 2026
Planned 392-unit multifamily community advances Carr’s growing residential pipeline
Carr Properties (“Carr”), a leading owner, operator and developer of premium office and residential properties, today announced the acquisition of 4040 N. Fairfax Drive, a 186,000 -square-foot office building in Arlington’s Ballston neighborhood. Carr acquired the property from Ascentris and plans to redevelop the site into a 392-unit multifamily community beginning in summer 2028, further advancing the company’s continued expansion into residential development.
“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 is in the heart of one of Northern Virginia’s most active mixed-use neighborhoods, with convenient access to regional employers, retail and local restaurants. The planned high-rise community will include 392 apartment homes and a range of best-in-class amenities, including a rooftop pool with sweeping views. Additional details about the project will be announced as planning and design progress.
The acquisition of 4040 N. Fairfax further expands the company’s residential pipeline platform across the Washington region. The company is currently developing Margot, a 237-unit multifamily community in Alexandria that is expected to deliver this year; 2121 Virginia, a 299-unit residential community in Washington, D.C.’s Foggy Bottom neighborhood that is expected to deliver in 2028; and 3033 Wilson, a 315-unit residential project in Arlington’s Clarendon neighborhood, which is expected to deliver in 2028. Together, these projects reinforce Carr’s long-term residential strategy, a key pillar of the company’s growth alongside its premium office portfolio.
