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Hines Secures $160M, Acquires 258 Acres in Virginia for SF Homes

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Hines Secures 0M, 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. 

SEE ALSO: Barings Provides $114M Refi for New 893K-SF Nevada Industrial Center

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.  

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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. 

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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. 

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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. 

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Brian Pascus can be reached at bpascus@commercialobserver.com 



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‘Explosions every day’: Virginia woman on her way to a wedding in India is stuck in Qatar

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‘Explosions every day’: Virginia woman on her way to a wedding in India is stuck in Qatar


Arlington, Virginia, resident Anjali Sharma — stuck in the Middle Eastern since Saturday — documents her story on social media from a hotel in Doha, Qatar.

“I think it really hit me when I saw black smoke coming from afar on one of the buildings, and it ended up being a missile that got defused, and the debris fell on the ground and caused an explosion,” Sharma said.

She was on her way to a wedding in India and had a layover in Qatar when Iran’s retaliatory strikes began. The airspace in Qatar and several other nearby countries is closed.

Sharma is alone. She says the rest of her family she was supposed to meet with had their flights canceled.

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She says it’s incredibly unsettling.

“I hear explosions every day,” Sharma said. “I hear planes going outside. I mean, I still hear military jets, right now. I don’t really know what that means.”

She is one of several thousands of Americans stranded in the Middle East. The State Department said it’s assisted almost 6,500 Americans since the conflict began.

Sharma says she hasn’t been able to get any clear guidance.

“I would just really appreciate it if the U.S. government could get clear guidelines of what they’re going to do to get us out and when that even may be,” she said.

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U.S. Rep. Don Beyer, D-Va., has been critical of the Trump administration’s evacuation efforts. He says his office has heard from about 100 families whose loved ones are stranded abroad.

“The primary reason the State Department exists is to serve Americans living abroad, and they’re desperately failing at that, right now,” he said.

The White House said the secretary of state issued Level 4 travel advisories dating to January. But Qatar was not one of the countries given a do-not-travel advisory.

The State Department Wednesday created a new form for stranded citizens to fill out. They say it will provide departure information about available aviation and ground transportation options.

Sharma hopes it’s her ticket out.

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“I just want to get out of here safely at this point.”



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Giants will hold 2026 training camp in West Virginia

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Giants will hold 2026 training camp in West Virginia


The New York Giants will be forced to hold their 2026 training camp, the first with John Harbaugh as head coach, out of state.

Per a report from the New York Post, the Giants will hold what will likely be the first two weeks of training camp in West Virginia at the Greenbrier Resort, located in White Sulpher Springs.

Part of the reason for the move is the fact that World Cup games will be held at MetLife Stadium this summer. There is also ongoing construction at the Giants’ facility at 1925 Giants Drive. The Giants are expanding their locker room, weight room, dining facility and office space at their headquarters, constructed in 2009. That work began before Harbaugh was named head coach.

NFL teams have used the Greenbier extensively since 2014, when it was first established to host training camp for the New Orleans Saints. The Houston Texans and Cleveland Browns have held training camps there, and other have practiced there during extended road trips.

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The facility has two grass fields and a FieldTurf field, as well as all of the other accommodations an NFL needs.

The Giants have trained at their own Quest Diagnostics Training Center in East Rutherford, N.J. since 2013.

Exact dates for NFL training camps have not yet been set, but the starting date is generally some time in late July. Per the Post, most practices at the Greenbrier are expected to be open to the public.



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Senate approves lawmaker pay raise as teacher pay hike stalls in Virginia budget talks

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Senate approves lawmaker pay raise as teacher pay hike stalls in Virginia budget talks


As the legislative session in Richmond comes closer to an end, lawmakers are still hard at work hammering out the budget for the year ahead. This year, the Senate has approved a pay raise for lawmakers after tabling bills that would have provided larger pay increases for teachers.

With the cost of living rising, teachers across Virginia have been watching the proposed budget closely and hoping for higher pay.

In February, a bill that would have raised teacher salaries by 4.5% each year until reaching the national average of $77,000 was tabled until next year. The decision left some educators disappointed.

“It’s definitely disappointing. We’re at a time where we are struggling to keep highly qualified staff in the buildings and in the profession, to be quite honest, because we have to compete with other industries,” Karl Loos, president of the Lynchburg Education Association, said.

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SEE ALSO: ‘Strangest election cycle:’ Registrars prepare for referendum vote despite legal limbo

There is still a 3% increase for teachers included in the proposed Senate budget, and a 2% increase in the House of Delegates’ proposed budget. But Loos said a 3% raise only matches the rate of inflation, and will likely not be appealing enough to fill vacant positions.

“I think certainly teacher pay is a deterrent for a lot of people, especially as they see the amount of work that goes into it and the compensation for that work,” Loos said.

The Virginia Education Association also advocated for the 4.5% pay increase. Chad Stewart, the interim director of Government Relations and Research, said they believe budget uncertainty may have made lawmakers hesitant to commit to long-term increases they might not be able to sustain.

According to the State Fiscal Impact Statement, seen below, it would have required an additional $159.0 million in 2027, and increasing amounts for the next couple of years to meet the goal of reaching the national average.

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“We’ve seen commitments going back decades from previous governors who have all stated they want to get the national teacher pay average, but no governor has ever delivered on it,” Stewart said.

Stewart said the average national pay for teachers they are hoping to meet is $77,000, and that the current average salary for teachers in the Commonwealth is around $70,000. He said ultimately it comes down to the budget, and he hopes in the following years teachers will receive that larger pay increase. Stewart said the organization hopes Gov. Spanberger will be the first to follow through on that promise.

Meanwhile, legislation that would increase pay for state lawmakers was passed in the Senate on Thursday. Republican Del. Tim Griffin of the 53rd District said he voted against the measure.

“I was outraged last week when they raised their own pay. I voted against it,” Griffin said. “When you run on affordability, I think people expected it to be more affordable for the people that live and work in Virginia, not for ourselves. It kind of defeats the purpose.”

When asked about the proposed pay increases in the House and the Senate, Campbell County Superintendent Clay Stanley said in a statement, “I am praying for 3%. Our teachers, at minimum, deserve a raise that matches the cost of living increase.”

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ABC13 reached out to local Democratic lawmakers for comment on the teacher pay raise legislation, but did not receive a response.



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