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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
PHOTOS: Virginia Beach Police investigate firearm-related incident at Carriage House Apartments
VIRGINIA BEACH, Va. (WAVY) — Virginia Beach Police are at the scene of a firearm-related incident at Carriage House Apartments Saturday afternoon, according to the Virginia Beach Police Department.
The department also confirmed there are no shooting victims at this time.
10 On Your Side is at the scene and working to gather more information about the situation.
10 On Your Side will update this story when more information is available.
PORTSMOUTH, Va. (WAVY) — Virginia Democrats are not happy about a state Supreme Court decision declaring last month’s referendum to draw new congressional districts null and void.
Democrats, however, have filed a motion asking the Virginia Court to delay its 4-3 decision while they file an emergency appeal to the United States Supreme Court.
Virginia’s current map that favors Democrats by a narrow 6-5 margin will stay in effect for the midterms. Both sides, though, have a lot to say to say about today’s decision.
Two months ago, you couldn’t avoid the political ads and mailers on both sides of the issue.
“Everybody remembers we got a few million dollars worth of flyers in our mailboxes, and everything with redistricting that whole referendum has now been overturned by the court decision,” said Old Dominion University Associate Professor of Political Science Jesse Richman.
On April 21, Virginia voters approved redrawing congressional maps that would have given Democrats a 10-1 advantage, giving them a strong chance to pick up four additional seats in November.
More than two weeks later, the Virginia Supreme Court rendered the results null and void, saying the required constitutional processes were not followed before this was put up for a vote. So what does that mean for Virginians?
“As it is, we stay with the districts we have,” Richman said. “If [Democrat] Bobby Scott’s your representative, he’s still your representative. The lines aren’t moving. If [Republican] Jen Kiggans is your representative, [she’s] still your representative.”
Scott and Kiggans spoke to 10 On Your Side shortly after today’s decision.
“I’m disappointed,” Scott said. “People voted, three million people voted, it carried in 55 of the 100 House of Delegates districts, so the people spoke.”
“It’s a big day for Virginia today,” Kiggans said. “It’s a victory for the rule of law [and] it’s a victory for fairness.”
That split reaction has also been felt among voters, some even rallying in front of the Virginia Supreme Court. One of them was Hampton’s NAACP Branch President Gaylene Kanoyton.
“We have got to make sure that we mobilize and don’t let this get us down,” Kanoyton said. “We need to be energized.”
Virginia Democrats have vowed to fight Friday’s ruling, saying they intend to file an emergency appeal to the U.S. Supreme Court.
“I expect we’ll see more intense political campaigning in the midterms in this area because of the Supreme Court’s decision,” Richman said.
90+ artists to exhibit on the Va. Beach boardwalk with the backdrop of the Atlantic Ocean
VIRGINIA BEACH, Va. (WAVY) — Get ready for the largest surf art show on the East Coast!
The 17th Annual Virginia Beach Surf Art Expo at the Virginia Beach Oceanfront on the boardwalk, 3rd through 7th streets, will begin Saturday, May 23, through Sunday, May 24, 10 a.m. – 6 p.m., ending on Memorial Day, Monday, May 25, 10 a.m. – 5 p.m.
Courtesy: VB Surf Art Expo (Antone Nixon, with VB Sunrise)
The Virginia Beach Surf Art Expo features over 90 regional artists from Maine to the Mid-Atlantic region and down through Florida, capturing the essence of the beach, the ocean, wildlife, sea life, and surfing-related themes in art.
The Virginia Beach Surf Art Expo is partnered with the Coastal Edge Steel Pier Classic and the surfing competition at the 1st Street Jetty.
This event is an official kick-off to the summer season at the Oceanfront.
“Isn’t seeing an artist’s interpretation of the beach vibe the very best way to enjoy it? We drip salt water from our pores,” says Jodie Woodward, founder and show director of the Virginia Beach Surf Art Expo.
Surf art comes in all mediums, including painting, photography, jewelry, sculpture, ceramics, wood, metal, fiber, glass, and mixed media, all available for purchase at the art expo.
Each artist has a special connection with surfing, the ocean, beach life, sea life, seascape scenes, shells, coral, dolphins, fish, lighthouses, mermaids, custom surfboard and skateboard designs.
Expect to see more Patriotic themes this year in alignment with America’s 250th birthday, officials say.
“We can’t wait for the 23rd Annual Coastal Edge Steel Pier Classic presented by Katin,” says D. Nachnani, president of Coastal Edge. “This Memorial Day Weekend, the heart of Virginia Beach becomes the soul of East Coast surfing. We’re proud to host the WSL World Tour Longboard event alongside our professional shortboard competition. With over 300 athletes representing more than a dozen countries, and a combined $16,000 purse on the line, this is more than a contest—it’s a celebration of art, athleticism, music, and the surf culture that defines our coast,” Nachnani went on to say.
For more information about the Virginia Beach Surf Art Expo, click here, call (757) 348-1048, connect on the Virginia Beach Surf Art Expo’s Facebook here, or their Instagram here.
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