Rushmark Properties Buys NoVA Parcel Set for 447 Apartments

A private investment firm has acquired a vacant parcel in Tysons, Va., already entitled for a 25-story residential tower. 

Falls Church, Va.-based Rushmark Properties paid $18.5 million for the 1.3-acre lot at 1750 Chain Bridge Road, according to the Business Journals. Lennar affiliate Quarterra, formerly known as Lennar Multifamily Communities, sold the property, while Northmarq brokered the deal. 

The empty lot is entitled for a 25-story, 447-unit apartment tower. The building would span 465,000 square feet with about 15,000 square feet of ground-floor retail space, according to the Business Journals. Tysons-based developer Cityline Partners secured approval for the project in 2020 before the land was ultimately sold to Quarterra the following year.

The property is also within Scotts Run, a massive mixed-use development from Cityline planned for up to 6.5 million square feet. It’s unclear why Cityline, and Quarterra for that matter, opted to sell the property rather than develop it.

Representatives for Rushmark and Quarterra did not immediately respond to requests for comment. 

In other recent Tysons news, housing developer NRP Group in August secured a $94.3 million refinancing loan toward The Rylan, a 390-unit luxury apartment property at 1768 Old Meadow Road, less than a mile southwest of Rushmark’s new property. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.