On Tuesday, Hines announced the acquisition of two land development lots in Northern Virginia. The first lot is located in Loudoun County and spans 245 acres, while the second lot is nearly 13 acres in Manassas. These parcels will be transformed into master-planned communities that will add over 1,200 single-family homes to the Washington D.C. submarkets.
Hines partnered with Trez Capital, DRB Group and Estein USA for this project which is situated approximately 40 miles from downtown Washington D.C. Known as Village at Clear Springs, this community will feature a total of 1,076 units including market rate single-family detached homes and townhomes as well as active adult single-family homes. The seller for this property was Clear Springs Development and Kennedy Lewis provided financing for its acquisition and development.
In addition to Village at Clear Springs, Hines also acquired Parkridge West through a partnership with Trez Capital. Located in Manassas within Prince William County,this community will offer amenities such as a dog park playground,and park along with162 single-familyand stacked townhomes.The sellerforthispropertywasWillard Retail/BuchananPartners.WesternAllianceBankprovidedfinancingforitsacquisitionanddevelopment.
According to Andrew McGeorge,senior managing directorandcityheadoftheWashington,D.C.officeatHines,”LoudounCountyandPrinceWilliamCountyhavestrongdemographicdataandanundersupplyofhousingstock,makingitaneasydecisiontodeliverhigh-qualitymaster-plannedcommunitieswithdiverseproductofferings.”
