Willowick Residential to Manage Virginia Apartments
- Aug 03, 2021
Willowick Residential, a subsidiary of Hines formed last year to manage the firm’s growing U.S. multifamily portfolio, will be the property management company for The Emerson, a 355-unit luxury apartment community in Centreville, Va., acquired in January 2020 by Hines Global Income Trust Inc. The project will be Willowick Residential’s first project in the Eastern U.S.
Global real estate firm Hines launched Willowick Residential, a boutique multifamily property management firm, in early 2020. Hines traditionally focused on commercial real estate but in recent years has built up a multifamily portfolio that ranges from traditional garden-style apartments to luxury towers and urban mid-rise properties.
Willowick Residential specializes in a full range of property management functions, including acquisition and advisory services, engineering, maintenance, lease-up and marketing. The firm is currently managing 15 Hines properties across California, Arizona, Illinois, Texas and Virginia.
Lisa Newton, senior vice president of multifamily operations at Hines, said in a prepared statement, Willowick Residential has grown its property base to more than 7,000 units. With the addition of The Emerson to the property management portfolio, Newton said Hines is excited to establish Willowick Residential in the Mid-Atlantic region and continue growing the firm in the area and beyond.
The Emerson Details
Hines Global Income Trust acquired The Emerson, a 328,375-square foot luxury community, in January 2020, soon after it was completed. Located at 5865 Trinity Parkway, it was the first project to be delivered within five years in that area. The property is situated at the confluence of Interstate 66, Route 28 and Route 29 in the Fairfax submarket. Several retail and dining options, including the Centreville Crest Shopping Center, are within walking distance. The Emerson’s location also offers convenient access to Dulles International Airport and many employers in and around the Capital Beltway.
The property was designed and constructed to meet LEED standards. It has studio, one-, two- and three-bedroom residences. Amenities include a resort-style pool, lakeside park, outdoor lounge with TV and fire pit, grilling stations, state-of-the-art fitness center, pet park and pet spa, bike room, conference room and a rooftop lounge.
Meanwhile, Hines continues to grow its national multifamily portfolio. Last month, a partnership between Hines and Oaktree Capital Management acquired Main Street Flats, a 425-unit luxury property in Bellevue, Wash., from Alamo Manhattan for $232.5 million, according to King County records. The property was built between 2015 and 2019.
Also in July, Hines and partner Trez Capital began construction on Parterre, a master-planned community in the Denver suburb of Thornton, Colo., that will feature a total of 3,000 residences including multifamily units as well as single-family and paired homes.
In May, Hines topped out One Oak Brook Commons, a 250-unit, 17-story, Class A apartment tower in the Chicago suburb of Oak Brook, Ill.