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Washington DC & Mid-Atlantic  |  January 28, 2020
David Cohen
By: David Cohen

Hines Acquires 355-Unit MF Property in Metro DC

International real estate firm Hines has acquired the Emerson, a recently-constructed, 355-unit multifamily asset in Centreville, VA., approximately 21 miles west of Washington D.C. The sales price and seller were not disclosed.

The community is the first new product to be delivered in the last five years within a three-mile radius of its location. The Emerson consists of studio, one, two and three-bedroom apartments, with units averaging 925 square feet. Delivered in the second quarter of 2019, the community is currently 67% leased.

“The Emerson is the newest property and, we believe, the highest-quality offering in a submarket where the average age of multifamily product is 23 years,” said Janice Walker, COO at Hines. “Given the age of the competition and the limited supply pipeline, the Emerson is well‐positioned to achieve premium rents while maintaining stabilized occupancy. We are excited about expanding our multifamily portfolio with this strategic acquisition.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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