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5001 Eisenhower Conversion

Alexandria

Virginia Business //June 29, 2026//

5001 Eisenhower Conversion
5001 Eisenhower Conversion

5001 Eisenhower Conversion

Alexandria

Virginia Business //June 29, 2026//

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.

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

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