Hines, in partnership with Sumitomo Forestry Co., Ltd. and Chuo-Nittochi Co., Ltd., has formed a joint venture and closed on the land to develop a multifamily development in Dumfries, Virginia, a suburb of Washington, D.C.
The joint venture secured the construction loan through Sumitomo Mitsui Trust Bank and is expected to commence construction later this month, with completion in 2027. The property will feature 365 market-rate apartments and is located within Potomac Shores, a 2,000-acre master planned community located along two miles of the Potomac River shoreline.
The five-story, wood-frame property will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. The property is situated just one block from a future Virginia Railway Express commuter station anticipated to be completed in late 2026, allowing residents to enjoy seamless direct access to Washington, D.C., and other nearby employment hubs such as Quantico and Amazon’s HQ2 in Arlington.
The post Hines, Sumitomo Forestry to Develop DC Multifamily Project appeared first on Connect CRE.
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