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ARLINGTON, VA-The second phase of Warwick House, a 533-unit, luxury high-rise in Crystal City has topped out at 17 stories. The development is expected to be complete and occupied by June 2002. Phase one, with 18 stories, was completed in May 2000. The project is being developed, leased and managed by LCOR Inc. The property owner is Northwestern Mutual.

In a statement, LCOR said that Northern Virginia is a leader in the nation’s multifamily market with low vacancy rates and rent growth of 12.2% in 2002, according to Delta Associates, a local real estate research firm. LCOR, with one of its six offices here in Bethesda, MD, has $11 billion of developments either completed, under construction or in development. Other local projects include the $600 million U.S. Patent and Trademark Office campus in Alexandria, VA, and the $500 million White Flint Metrorail mixed-use development in North Bethesda, MD.

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