RESTON, VA-There are 700 new luxury apartments and condominiums on the market now that Trammell Crow Residential has wrapped up development of the Alexan Reston Town Center and its sister property, Market Street at Reston Town Center. Trammell Crow originally conceived the endeavor as a giant 700-unit apartment community, but mid-construction, the developer rethought the project and decided to convert half the dwellings to condominiums. The result is a selection of 365 apartments contained within Alexan Reston, and a cluster of 333 condos at Market Street. Details on development costs are not being disclosed at this time.

Occupying an 8.5-acre parcel within the 14-year-old “town square” or Town Center development in the heart of the city, Alexan Reston and Market Street are located in the midst of a conglomeration of retail offerings, office buildings, entertainment venues and other residential locales. Increasing demand for condominiums is sweeping the country, especially the Metropolitan Washington, DC area, and that sparked Trammell Crows decision to go half-and-half with the development. In addition to its existing offerings, Town Center will soon welcome another condominium residence, the 296-unit Carlton House by Renaissance Centro LLC affiliates.

But the need for luxury rental units in Fairfax County is holding firm. “We are in a unique position, given that Alexan Reston Town Center is the only luxury apartment community in Reston Town Center,” says Trammell Crow managing director Samuel Simone. “Based on our pre-leasing activities, there is strong demand in this particular market for luxury apartments. This market includes ‘renters by choice,’ people who are new to the area, and those who are simply motivated by a strong desire to live in Reston Town Center.” Alexan Reston will not be the only luxury apartment property at Town Center for long.

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