Recently submitted conceptual site plans indicate the Ballston One office building located at 4601 Fairfax Drive, will be converted to a 330-unit development.

Penzance purchased the 239,678 SF property just 8 months ago for $25M. At $104.30 per SF, this was well below the office building’s appraised value of $63M at the time of the sale.

The developer has worked extensively throughout the DMV, investing over $3.5B in real estate. ( Penzance is tapping Boarman Kroos Vogel Group as the project’s architect. Engineering will be provided by VIKA. Together, they plan to cut the 12-story office down to 7 floors, and utilize the existing 2-level parking garage. The 330-units will be spread across approximately 312,000 square feet.

Just 3 blocks from the Ballston-MU metro stop, the new apartments will benefit from easy access to the Silver and Orange lines.