Rashid Salem

Rashid Salem is a real estate developer and the Founder and Principal of Petra Development, where he leads luxury, mixed-income and transit-oriented projects across Washington, DC, Texas, Maryland and Florida. 

Petra Development

Founder & Principal

Rashid Salem founded Petra Development in 2011 with a focus on building durable, well-executed real estate projects designed to perform over the long term. Since its founding, Petra has grown into a national development platform responsible for more than $3 billion in total development value, encompassing multifamily housing, mixed-use communities, hospitality, office, retail and industrial projects.

Under Rashid Salem’s leadership, Petra Development has delivered more than 3,250 residential units, 5 million gross square feet of development and approximately 650 hotel keys. The firm operates across major markets including Washington, DC, the Dallas–Fort Worth Metro Area, Prince George’s County, Maryland and Miami, Florida, with a portfolio spanning luxury residential communities, workforce and affordable housing and large-scale mixed-use destinations.

Rashid Salem’s approach centers on disciplined execution, capital stewardship and lifecycle performance, ensuring that each project is structured to remain resilient, efficient and valuable for decades.

Real Estate Developer

Mixed-Use, Luxury & Affordable Housing

Throughout his career, Rashid Salem has developed a diverse range of real estate projects that reflect both market demand and long-term community value. His portfolio includes:

• Historic luxury renovations in Georgetown, Kalorama and Capitol Hill
• Transit-oriented mixed-income communities in Prince George’s County, Maryland
• Zero-energy smart building developments in Frisco, Texas
• Branded luxury condominium residences on Biscayne Bay in Miami

Signature projects such as National View, a 1.4-million-square-foot mixed-use development with approximately 1,500 residential units, neighborhood retail and community services, demonstrate Petra’s commitment to housing accessibility, transit connectivity and neighborhood stability.

Rashid Salem is equally focused on affordable and workforce housing, maintaining that these developments should meet the same execution and quality standards as luxury construction, with the difference defined by financing structure rather than design or durability.