R
ushmark Properties has acquired a 1.3-acre parcel at 1750 Chain Bridge Road in Tysons, Virginia for $18.5 million from an affiliate of Quarterra. The site is part of the Scotts Run master development, a 40-acre project that will feature over 6.5 million square feet of mixed-use space. Plans are approved for a 447-unit apartment building on the parcel, which was previously slated to be developed by Quarterra.

    The new developer, Rushmark Properties, has taken over the project after Quarterra's plans were put on hold due to market conditions. The site is attractive due to its proximity to the McLean Metro Station, providing easy access to Washington D.C. The Scotts Run development will include 15,000 square feet of retail space and 560 parking spaces.

    Rushmark Properties' interest in the project stems from the region's high rent growth and housing prices, making Northern Virginia a hotbed for multifamily investment. The company has partnered with Northmarq to broker the sale, which was facilitated by Will Harvey and Shack Stanwick.