Virginia
Hines Secures $160M, Acquires 258 Acres in Virginia for SF Homes
Hines is growing its residential footprint in the Washington, D.C., metropolitan area.
The global real estate investment firm, together with several partners, has secured $142 million in acquisition financing to buy 245 acres of land in Virginia’s Loudoun County to build more than 1,000 single-family homes, Commercial Observer has learned.
Kennedy Lewis provided the acquisition loan for the larger Loudoun County project, which will be known as Village at Clear Springs and sit in Leesburg, Va., just 40 miles outside of Downtown Washington, D.C.
Hines secured an additional $18.4 million from Western Alliance Bank to acquire 13 acres in Manassas, Va., to build 162 single-family homes and townhomes for residents of Prince William County.
Hines bought the land in Loudon County from Clear Springs Development, with Trez Capital, DRB Group and Estein USA serving as partners on the project.
Andrew McGeorge, senior managing director and city head of the D.C. office at Hines, told CO that the housing market of the nation’s capital is “severely undersupplied,” and that his firm plans to leverage its experience in the area to address the shortage.
“We see tremendous opportunity with the acquisitions of these sites to build master-planned communities that offer a high-quality and diversified product to help address this housing shortage,” said McGeorge. “We have experience in these markets and are expecting to see continued success in developing these communities.”
The lots for Village at Clear Springs in Loudoun County have already been pre-sold to DRB Group and NVR. Construction is expected to require three phases, the first of which will begin in 2025 and the last completed in 2030.
The development will feature 1,077 units: 230 single-family homes, 667 townhomes, and 180 affordable units.
The development will also feature a 19-acre indoor-outdoor tennis and pickleball complex owned and operated by the United States Tennis Association.
“We look forward to the positive impact these new communities will have, spurring economic growth and providing much-needed housing options,” said McGeorge in a statement.
Located just a short walk from the Manassas Battlefield Museum (site of the famous Battle of Bull Run that opened the Civil War in July 1861), the smaller Parkridge West development will supply 162 units of single-family homes and townhouses in the Northern Virginia town.
Hines acquired the site from Willard Retail/Buchanan Partners, and has already pre-sold all lots on the site to NVR.
Parkridge West is expected to open in 2027, following the start of construction next year.
“We are pleased to partner with Hines once again, further strengthening our strategic relationship with joint-venture equity investments that support housing needs in the Washington, D.C., metropolitan statistical area,” said Sam Salloway, senior managing director and head of equity investments at Trez Capital, in a statement.
McGeorge’s statements noted that Prince William County carries favorable demographic trends for residential assets and an undersupply of housing stock.
Moody’s predicts the D.C. metro area will require 26,000 single-family homes per year through 2030, while the Northern Virginia Association of Realtors found that the average home price in Northern Virginia increased 10 percent in May 2024 compared to May 2023.
Correction: An earlier version of this article characterized the Hines acquisition as a multifamily community of single family rentals, when it is for single family homes for sale.
Brian Pascus can be reached at bpascus@commercialobserver.com
Virginia
Netflix casting Central Virginia singles for “Love on the Spectrum” after Danville man joins show
DANVILLE, Va. (WSET) — Netflix is searching for singles in Central Virginia to appear on its documentary-style dating series “Love on the Spectrum,” after a Danville man was cast for an upcoming season and producers are now looking to find his match.
The series follows adults on the autism spectrum as they navigate dating.
Monica Karavanic, executive director of The Arc of Southside in Danville, said the person cast has ties to her organization.
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“This show has been loved by millions internationally and so for it to come to Danville is pretty awesome and we’re just really excited and hoping to make it work,” Karavanic said.
Casting is focused on singles ages 25 to 40, of any gender, who live near Danville or Lynchburg and would be interested in going on a date with a man on the spectrum. Producers say the time commitment could be as little as half a day.
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For more information on how to apply, you’re asked to email: production@northernpictures.com.au
RICHMOND, Va. — Friday will be sunny and seasonably warm, with highs in the upper 70s and low 80s.
The pattern of cool nights and mild afternoons will continue through the weekend and through much of next week as upper-level flow continues to bring reinforcing mild and dry air out of eastern Canada.
Rain chances will be very limited over the next week, with only a slim chance with a frontal passage on Monday.
Stay With CBS 6, The Weather Authority.
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WTVR
PITTSYLVANIA COUNTY, Va. (WSET) — Ressie Keen, a 107-year-old Pittsylvania County woman, is safe after escaping a house fire that destroyed her more than 100-year-old home, leaving behind a yard filled with charred debris and scattered belongings.
Keen said she has no special secret to her longevity.
“I ain’t got no secret, just thanking the Lord to let me stay here to see 107,” she said.
Keen said she moved to the home decades ago and built a life there.
“I’ve moved there in 1969, our first crop was made in 1970, and I been living there ever since,” she said.
The fire broke out in Keen’s bedroom on Thursday afternoon. Keen said she and her sitter got out as the fire grew.
“I don’t know what happened, only thing I knew to do was to get out of there. So me and my sitter we got out. She tried to put it out but she couldn’t,” Keen said.
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Pittsylvania County Fire Marshal Scott Hutcherson said investigators believe the fire started with an electrical issue.
“We think we had an electric outlet failure, more or less; an adaptor on the outlet probably failed,” Hutcherson said. He said the fire spread quickly once it ignited nearby items. “It set the bed on fire and the clothes that was on top of it, the material on top of it, what’s pretty much what got the fire going. And then it easily spread to the second story.”
Keen’s son, Ronnie Keen, said the loss has been painful for the family.
“It was devastating real devastating, lot of memories lost. But I know those memories and emotions the things that were sentimental were still right here,” he said.
A family photo album was among the few items recovered. Pointing to one image, Ronnie Keen said, “That’s a picture of the house.”
He added that the album was badly damaged. “It’s so charred it’s kinda hard to open,” he said.
Keen also held onto her favorite cast-iron pan.
“I knew this wasn’t going to get burnt up,” she said.
The home was considered a total loss, but the family said the most important thing is that Ressie Keen survived. She is now living with her son.
“I’m overjoyed that she’s here with us and she’s safe,” Ronnie Keen said.
Hutcherson said to prevent this, make sure that there is a smoke alarm in your home. He says you can reach out to the Pittsylvania County Public Safety office for a free installation of a smoke alarm.
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