LMC Announces Official Opening of Vitri Apartments

Rhea-AI Summary

LMC, a subsidiary of Lennar, announced the official opening of Vitri, a luxury apartment community in Scottsdale, Arizona, on June 16, 2020. The development includes 300 apartments and 38,000 square feet of retail space, enhancing the undersupplied high-end rental market in North Scottsdale. The community features upscale amenities, including a fitness center, elevated pool deck, and concierge services. Vitri is strategically located near popular restaurants and shops, contributing to the area's appeal. LMC's portfolio includes a pipeline of over 31,800 units valued at more than $12 billion.

Positive

• Official opening of Vitri enhances LMC's luxury portfolio in undersupplied North Scottsdale market.
• The community features desirable amenities like a fitness center, pool deck, and concierge services.
• Strategically located near high-end shopping and dining options, increasing attractiveness to potential residents.
• LMC's robust pipeline includes 31,800 units valued at over $12 billion, indicating strong growth potential.

Negative

• None.

SCOTTSDALE, Ariz., June 16, 2020 /PRNewswire/ -- LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the official opening of Vitri, a contemporary mixed-use apartment community in the heart of Scottsdale Quarter.

While preleasing and first move-ins occurred earlier in the year, the official opening announcement coincides with the community's reopening and resumption of onsite leasing after the initial stages of the COVID-19 pandemic. Future residents will continue to have access to virtual and online options, as well.

The luxury community, which consists of 300 apartment homes and 38,000 square feet of ground-level retail space, overlooks Scottsdale Quarter and the variety of gourmet restaurants, bars, retail shops and entertainment options contained within the popular open-air shopping center.

"The thriving North Scottsdale submarket has been undersupplied with true high-end rental product that goes beyond the typical commodity-like Class A apartments being built today," said Scott Johnson, division president of the Mountain and Southwest regions for LMC. "We're thrilled to deliver to the market a community that is second to none in quality and finishes in a what we believe is the best location in the entire state."

Located at 15125 N. Scottsdale Road, the various attractions located directly below Vitri's residential levels include the state's only Amazon store, in addition to the widely popular Culinary Dropout, a restaurant, bar and live music venue also known as The Yard. The walkable experience within the 28-acre Scottsdale Quarter includes immediate access to an additional 80 retailers and restaurants.

Vitri offers studio, one-, two- and three-bedroom apartment homes and a selection of upscale penthouse layouts. Apartment homes feature two distinct contemporary schemes that incorporate the latest in design trends. Plumbing fixtures, hardware, and appliances in each interior scheme incorporate either matte black or brushed gold in a coordinated design throughout the home. Kitchen appliance packages include GE's premium Café line with a gas range, double oven and wine refrigerator. Additional features include floor-to-ceiling storefront glass, frameless glass-enclosed showers and keyless entry. Penthouse homes include 11-foot ceilings, upgraded flooring, smart-home lighting, automatic roller shades and custom-built wine bars.

The community also offers a variety of lifestyle-enhancing amenities, including an elevated pool deck with two hot tubs, steam and sauna rooms, a Skydeck lounge with incredible panoramic views, a two-story state-of-the-art fitness center, exclusive wine lounge with private temperature-controlled lockers, pet grooming facilities and an executive work lounge with collaborative and private office space. Residents also have access to 24-hour digital package lockers with text notifications, electric-vehicle charging stations and a bike storage room with individual lockers. Residents also have access to a full-service onsite concierge.

Vitri adds to LMC's presence in the Phoenix area. It joins Nexa, located in North Tempe, and Muse, located in midtown Phoenix.

About LMC
LMC, a wholly owned subsidiary of Lennar (NYSE:LEN), is a multifamily real estate development and operating company with a diverse portfolio of institutional quality multifamily rental communities across the US. LMC has a 31,800-unit pipeline of communities ranging from operating to under pre-development that exceeds $12 billion of high-rise, mid-rise and garden apartments.

LMC creates extraordinary communities where people can live remarkably.

www.LiveLMC.com

Media Contact                                            
Marlena DeFalco
LinnellTaylor Marketing                                            
303-682-3943                                                 
marlena@linnelltaylor.com                     

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SOURCE LMC

FAQ

What is the significance of LMC opening Vitri apartments on June 16, 2020?

The opening of Vitri addresses the demand for high-end rental properties in the undersupplied North Scottsdale market.

How many apartment homes are there in the Vitri community?

Vitri consists of 300 apartment homes.

What amenities does Vitri offer its residents?

Vitri offers amenities including a state-of-the-art fitness center, elevated pool deck, steam rooms, and concierge services.

What is LMC's expansion plan in the Phoenix area?

LMC aims to enhance its presence in the Phoenix area, evidenced by the opening of Vitri alongside other developments like Nexa and Muse.

What is the market value of LMC's development pipeline?

LMC's development pipeline is valued at over $12 billion, including 31,800 units in various stages from operating to pre-development.