(WASHINGTON DC) – Hines, the global real estate investment manager, today announced it has acquired two land development lots, including 245 acres in Loudoun County, Virginia, and nearly 13 acres in Manassas, Virginia. The two parcels will be developed into master-planned communities, adding over 1,200 single-family homes to the Washington D.C. submarkets.
Acquired in partnership with Trez Capital, DRB Group, and Estein USA, and located approximately 40 miles from downtown Washington, D.C., Village at Clear Springs in Loudoun County will be a 1,076-unit community of market rate single-family detached and townhomes, and active adult (55+) single-family homes. Additionally, 200 homes will be designated for the county’s affordable program. The lots have been presold to DRB Group and NVR. Village at Clear Springs residents will enjoy a suite of top amenities including private clubhouses, pools, neighborhood parks and a United States Tennis Association Mid-Atlantic Facility with nearly 50 tennis and pickleball courts. Construction is expected to begin on the three-phase development in summer 2025 and is expected to be complete in 2030. The seller was Clear Springs Development. Kennedy Lewis provided the loan to acquire and develop the project.
“Loudoun County and Prince William County display strong demographic data and an undersupply of housing stock, posing an appealing opportunity for us to deliver high-quality master-planned communities with diverse product offerings,” said Andrew McGeorge, senior managing director and city head of the Washington DC office at Hines. “Both submarkets exhibit continued population growth and demand given the high quality of life, excellent school system, and proximity to D.C. We look forward to the positive impact these new communities will have, spurring economic growth and providing much-needed housing options.”
In partnership with Trez Capital, Parkridge West will bring 162 single-family and stacked townhomes to Prince William County, with amenities including a dog park, playground and park. The site is strategically located just 30 miles west of Washington, D.C. with convenient access to major commuter thoroughfares. The development is also located within walking distance to retail offerings and is adjacent to Manassas National Battlefield, a 5,100-acre park featuring a 40-mile trail system. The lots have been presold to NVR and construction is expected to start in summer 2025 and be completed in 2027. The seller was Willard Retail/Buchanan Partners. Western Alliance Bank provided the loan to acquire and develop the project.
“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. MSA. At Trez Capital, we continually seek to uncover the most favorable investment opportunities for our investors,” said Sam Salloway, senior managing director and head of equity investments at Trez Capital.
“Housing continues to be in high demand across the country and in the Northern Virginia area and we are excited to make another investment with Hines to meet this need,” said Lance Fair, COO of Estein USA. “The Village at Clear Springs will be another vibrant and dynamic community for this region.”
Demand in this area remains high and is expected to increase as Northern Virginia continues to attract top-dollar employers and talent. The Washington, D.C. submarket has been historically undersupplied and is currently underhoused by 242,00 units – Moody’s forecast suggests a need of 26,000 single family homes per year through 2030 for the DC Metro. Additionally, according to the Northern Virginia Association of REALTORS, the average home price in May 2024 was up almost 10% from the previous May.
Hines has a proven track record of land development and master planning experience spanning over 25,000 acres of completed, in design or under-construction projects nationally. Additionally, Hines has 775 single-family detached homes with extensive amenities just nine miles from Village at Clear Springs.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices throughout North America, Trez Corporate Group has over $5.4* billion CAD in assets under management and has funded over 1,800 transactions totalling more than $19 billion CAD since its inception. For more information visit www.trezcapital.com.
*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership).
About Estein USA
Estein USA and its affiliates have been in business since 1974. The firm’s early investments comprised residential and commercial projects. Since 1998, Estein USA’s investments have been made exclusively in the United States and have included office buildings, multifamily residential projects, power centers, hotels, industrial buildings, residential lot development, and lifestyle centers. Along with its own capital, Estein USA invests funds raised through its sister company in Germany, US Treuhand Gmbh. Since its founding, Estein USA has raised and invested over $6 billion in total equity.
