1801 North Beauregard was acquired by UIP in August 2022 as a vacant 132,000 SF office building located in Alexandria, VA. Located in an Opportunity Zone, this investment offers substantial tax benefits for investors over the hold period. UIP will conduct a full renovation into 117-119 residential units with high-end in-unit finishes and community amenities. The existing office floor plates are ideal for multifamily conversion, with double-loaded corridor access for every apartment unit. Existing building systems and building core can be reused with no substantial additional investment, offering a favorable total cost basis. 300+ parking spaces in an adjacent parking structure were conveyed as part of the acquisition. The property backs up to the 44-acre Winkler Botanical Preserve, giving the property a natural, park-like setting which is a unique differentiator in the submarket. The property is adjacent to I-395 and walkable to a major bus line. It is located within a 10-minute drive of major employment centers such as Amazon HQ2, the Inova Health Complex and the Landmark Mall redevelopment. Expected delivery in Summer 2024.