Northern Virginia Site Finds New Developer Again in Rushmark

Plans are approved for a 447-unit apartment building just outside of Washington, D.C., with a new developer in tow.

Falls Church-based Rushmark Properties acquired the site at 1750 Chain Bridge Road in Tysons, Virginia for $18.5 million, Bisnow reported. The parcel is part of a larger 40-acre master development, known as Scotts Run.

The seller of the 1.3-acre site was an affiliate of Quarterra, formerly known as Lennar Multifamily Communities. Quarterra agreed to purchase the site two months before the onset of the pandemic and closed on the deal the following year after receiving approval for a 25-story, 447-unit building.

Quarterra and Rushmark didn’t comment on the deal. A Northmarq team including Will Harvey and Shack Stanwick brokered the sale.

An official from Northmarq said Rushmark’s interest stemmed from the region’s high rent growth and housing prices, which has turned Northern Virginia into a hotbed of multifamily investment.

When LMC closed its deal in 2021, it projected the development would be delivered in early 2024. The lot remains empty, though, according to the Washington Business Journal. The project would span 465,000 square feet, including 15,000 square feet of retail space and 560 parking spaces, partially below grade.

The Scotts Run site is being planned by Cityline Partners, which has sold individual parcels to various developers. The community is attractive due to its proximity to the McLean Metro Station, which links residents to the nation’s capital. More than 6.5 million square feet of mixed-use development is planned across the 40 acres. Initially, that included 4 million square feet of office space, which is no longer going forward.

Other developers at Scotts Run include Skanska — which completed a 410-unit building last year — and LodgeWorks Partners, which delivered a 178-room hotel back in 2021.

— Holden Walter-Warner