The Foundry, located in the Carlyle submarket of Alexandria, VA, is an urbanized mixed-use project that converted a 600,00 square foot office building into a modern Class-A apartment building consisting of 520 apartment units and 25,000 square feet of retail space. The building’s façade was updated and three residential floors and rooftop amenity spaces were added. The Foundry’s innovative design earned a 2021 ENR Mid-Atlantic Best Projects Award of Merit and the 2020 NAIOP North Virginia Award for Best Building, Adaptive Re-Use. Completed in March 2020, the project was sold in December 2020. ELV’s LP equity investment of $55 million yielded attractive results over a four-year holding period.