Hines Acquires Newly Constructed Virginia Community
Developed in an undersupplied submarket of Washington, D.C., The Emerson features a mix of studio, one-, two- and three-bedroom apartments for a total of 355 units.
Hines Global Income Trust has acquired the Emerson, a newly constructed Class A, 355-unit multifamily asset in Centreville, Va. The property is the first project to be delivered in the last five years within a three-mile radius of its location.
Completed in 2019, the fully affordable property comprises studio, one-, two- and three-bedroom apartments with units averaging 925 square feet. Common-area amenities include a fitness center, business center, playground and swimming pool. The property, which is currently 65 percent occupied, was designed and constructed to meet LEED standards.
Located at 5865 Trinity Parkway, on 7 acres, The Emerson sits at the confluence of Interstate 66, Route 28 and Route 29, in the Fairfax submarket. The surrounding area has several retail and dining options, including the Centreville Crest Shopping Center, which is within walking distance of the community.
Hines recently broke ground on a mixed-use development in West Los Angeles. The eight-story project will include 600 luxury apartments, along with office space, supermarkets and restaurants. Completion is scheduled for 2022.