Hines in partnership with Sumitomo Forestry Co., Ltd. and Chuo-Nittochi Co., Ltd., have 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 (SMTB) 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 to accommodate a range of residents, including young professionals and families. Amenities will encompass 31,000 square feet of indoor and outdoor spaces, including a coworking lounge, an entertainment center, a children’s play area, resort-style pool with cabanas, a fitness center, a rooftop sky lounge with an open-air terrace and unobstructed views of the Potomac River, and extensive outdoor recreational areas.
