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5001 Eisenhower Conversion
Alexandria
Virginia Business //June 30, 2026//
Location: 5001 Eisenhower Ave., Alexandria
Project Cost: $127 million
Assets/Description: 640,000-square-foot office-to-residential conversion; 377 units; 11 stories
Financing Closed: January 2026
Developer: Stonebridge Partners: City of Alexandria (25-year tax abatement); Amazon’s Housing Equity Fund (99-year affordability covenant; low-rate subordinate financing)
Debt Financing: Kennedy Wilson
Equity: Criterion Real Estate Capital
One of Northern Virginia’s most visible symbols of office obsolescence — a 640,000-square-foot building vacant since 2003 — is becoming something the market desperately needs. Developer Stonebridge closed $127 million in financing in January to convert the former Army Materiel Command headquarters at
5001 Eisenhower Ave. into 377 affordable housing units, in partnership with the City of Alexandria and Amazon’s Housing Equity Fund.
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