Hines Nabs 4 Prince William Housing Sites: The D.C. Deal Sheet
Hines is lining up its next slate of residential development in Prince William County.
The firm acquired four sites in Gainesville, Woodbridge, Manassas and Nokesville, planned for more than 1,000 units, the Houston-based developer announced this week.
The sites — Grayson Overlook, King’s Grove, Hoadly Square and Village at Broad Run — are planned to include a mix of single and stacked townhomes, duplexes, single-family detached homes and affordable units.
Hines said it plans to advance site planning, engineering and infrastructure associated with the development sites.
“Living remains a high-conviction theme for Hines, and these communities demonstrate how we are putting that conviction to work in markets where the need for housing is acute,” Hines Head of Americas Ray Lawler said in a press release.
SALES
Chicago-based Clear Investment Group has purchased a 300-unit apartment building in Ward 8 through a receivership auction, the company announced this week. Clear purchased Woodland Estates through its Clear Opportunities Fund II. The price was undisclosed. The firm plans to “invest significant capital for improvements” in the multifamily property and focus on increasing its occupancy. The acquisition marks Clear's second investment in D.C., following its 2024 distressed buy of the 674-unit Marbury Plaza, also in Ward 8, which it acquired out of Chapter 11 bankruptcy.
***
AvalonBay has sold a 217-unit multifamily community next to the Greensboro Metro station for $68M. Linden Property Group purchased the 1980s-era property at 1723 Gosnell Road in Vienna, Virginia, with joint venture partner Akridge, Linden announced on LinkedIn this week. AvalonBay disclosed the sale and the price in its second-quarter earnings report, also this week. Linden said it plans to take on a “robust capital improvement program” at the property, with upgrades to units, amenities and exteriors.
***
Brookfield Properties has offloaded a 1960s-era office building at 1140 Connecticut Ave. NW for a steep discount to what it paid five years ago. The owner sold the 186K SF building at 1140 Connecticut Ave. NW for $21M to a limited liability company with “deep ties to” McLean-based Clark Construction Co., the Washington Business Journal reported. Brookfield paid $38.8M for the property in 2021.
FINANCING
Merritt Properties has secured a $621M refinance for 58 properties in its Maryland industrial portfolio, JLL Capital Markets, which brokered the deal, announced this week. M&T Bank provided the financing, a “fully-underwritten seven-year balance sheet loan.” The properties total 6.3M SF across the Baltimore-Washington region. JLL’s Pete Pittroff, Anthony Fertitta, Travis Anderson, Evan Parker and Christopher Pratt represented Merritt.
MILESTONES
Cole & Denny Architects, a firm based in Alexandria, has acquired Baltimore-based AHS Architects, the buyer announced this week. AHS, founded in 2007, is an architecture and interior design firm with expertise in healthcare, financial institutions, hospitality, senior living, justice and automotive environments, the release said. Cole & Denny will keep AHS’ Baltimore office, and existing contracts and project teams will remain in place.
