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.
Hines is one of the largest privately held real estate investors and managers in the world. Hines is a leading global real estate investment manager. We own and operate $90.1 billion¹ 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 68-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate.
Since our founding more than 330 years ago, Sumitomo Forestry Group have accumulated technical expertise and know how related to wood, cultivated relationships with our customers, developed an extensive network of business partners both in Japan and abroad, and built our brand. With these unique strengths and through a diverse range of lifestyle-related services, we are committed to contributing to a sustainable and prosperous society.
Chuo-Nittochi Co. takes pride in tradition and integrity, provide relief to people and society.
Creativity and teamwork that exceed expectations create deep impression.
We think and create together for a comfortable and pleasant future.
