LMC Closes on Land for Northern Virginia Development

Rhea-AI Summary

LMC, a subsidiary of Lennar, has closed on land for Paxton, a luxury mixed-use community in Tysons, Northern Virginia, with first move-ins expected in early 2024. The project includes 447 apartments and 14,713 square feet of retail space. Paxton will feature diverse apartment types with modern amenities, situated near parks, dining, and major transportation links. The area is part of the larger Scotts Run development, which will encompass 6.5 million square feet of mixed-use space. LMC's portfolio includes a 31,800-unit pipeline worth over $12 billion.

Positive

• The Paxton project includes 447 apartments and 14,713 square feet of retail space.
• First move-ins are projected for early 2024, indicating timely project completion.
• The development is part of the expansive Scotts Run area, expected to encompass 6.5 million square feet of mixed-use space.
• LMC has a strong pipeline of 31,800 units worth over $12 billion, indicating robust future growth.

Negative

• None.

WASHINGTON, July 29, 2021 /PRNewswire/ -- LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the land closing for Paxton, a luxury mixed-use community in Tysons, a Northern Virginia suburb of Washington, D.C.

The high-rise community will feature 447 apartment homes and offer 14,713 square feet of retail space. First move-ins at Paxton are projected for early 2024.

"Tysons possesses a unique, diverse mix of urban, walkable spaces, with public parks and nature preserves. Paxton will provide well-appointed apartment homes in Tysons close to a variety of dining, entertainment, and transit options," said Stuart Cain, Vice President of Development of LMC's DC Metro Office. "Paxton will offer a broad range of apartment types, with spacious floor plans and ample, modern indoor and outdoor amenities and workspaces in a growing urban community."

Situated at 1750 Chain Bridge Road, Paxton is located in Scotts Run, a one-of-a-kind experiential neighborhood now taking shape in Tysons. When fully built out, Scotts Run will include as much as 6.5 million square feet of mixed-use development. The heart of the project is the Scotts Run stream valley with walking trails and plenty of spaces for relaxation, reflection and connections to nature. Scotts Run is conveniently located near the McLean Metro Station on the Silver Line and is also close to I-495, the I-495 Express Lanes, Route 66 and Route 123. It's the epitome of urban sensibility. 

Pedestrians and recreationalists can access local parks and trails at nearby Scotts Run Nature Preserve, Freedom Hill Park, Great Falls and Carderock Recreational Area.

Paxton will be located within close proximity to several neighborhood attractions, including the McLean Farmer's Market, Nova Central Farm Market, Capital One Hall, Art Whino Gallery, Kennedy Center, Eagle Bank Arena and McLean Project for the Arts. The area is also home to a variety of dining options, including Eddie V's Prime Seafood, Seasons 52, The Capital Grill, Founding Fathers, Agora, North Italia, The Palm and Fleming's Prime Steakhouse.

Nearby sporting venues include Capital One Arena, Nationals Park, FedEx Field, Audi Field and RFK Stadium. Notable employers headquartered in Tysons include Capital One, Gannett Company, Hilton Worldwide, Mitre Corporation and USA Today.

The modern community will offer studio, one-, two- and three-bedroom apartment homes. Apartment interiors will be appointed with wood plank-style flooring, quartz countertops, under-cabinet lighting, stainless steel appliances, walk-in closets, floor-to-ceiling windows, recessed lighting and additional storage space. Resort-inspired amenities at Paxton will include ample co-working space with a conference room and business center, swimming pool, cabanas and lounge seating, firepits and fireplace, outdoor grills, lounge, entertainment kitchen, club room with a gaming area and billiards table and fully equipped fitness center with weightlifting and cardio machines. Residents will also have access to a seven-story parking garage with electric vehicle charging stations, package lockers, additional storage space and a pet park with a dog grooming room.

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
Peter Jakel
LinnellTaylor Marketing 
303-682-3944
peter@linnelltaylor.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lmc-closes-on-land-for-northern-virginia-development-301343644.html

SOURCE LMC

FAQ

What is the Paxton project by LMC in Northern Virginia?

The Paxton project is a luxury mixed-use community in Tysons, Northern Virginia, featuring 447 apartments and 14,713 square feet of retail space.

When are the first move-ins for the Paxton community expected?

First move-ins at Paxton are projected for early 2024.

What amenities will the Paxton apartments offer?

Paxton will offer modern interiors, co-working spaces, a swimming pool, fitness center, and a pet park.

What is the significance of the Scotts Run area for Lennar?

Scotts Run is a large mixed-use development project, expected to include 6.5 million square feet of space, enhancing Lennar's market presence.

How large is LMC's current development pipeline?

LMC has a pipeline of 31,800 units valued at over $12 billion.