Hines Global Income Trust Acquires Multifamily Asset in Centreville, Virginia
January 27, 2020
Hines, the international real estate firm, announced that Hines Global Income Trust, Inc. (“Hines Global”) has acquired the Emerson, a newly constructed Class A, 355‐unit multifamily asset located in Centreville, Virginia, approximately 21 miles west of Washington, D.C.
The Emerson is the first new product to be delivered in the last five years within a three-mile radius of its location. Located in the Outlying Fairfax submarket of Northern Virginia, the Emerson sits at the confluence of three major thoroughfares: I-66, Route 28, and Route 29.
The Emerson has first-rate amenities and offers studio, one-, two- and three-bedroom apartments with units averaging 925 square feet. Since its delivery in the second quarter of 2019, the asset has shown exceptional lease-up momentum and is currently 67% leased and 65% occupied.
Janice Walker, Chief Operating Officer of Hines Global, said, “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. 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.”
“Demand for multifamily within suburban Fairfax County is highly-correlated with the project’s proximity to the major business nodes of the region. Situated at the intersection of three major thoroughfares, the Emerson provides great access to the area’s employers,” added Senior Managing Director Chuck Watters.
About Hines Global
Hines Global is a public, non-traded perpetual real estate investment trust (REIT), sponsored by Hines, that invests in institutional-caliber private real estate from around the world. Hines Global commenced operations in 2014, and seeks to invest in quality commercial real estate across a variety of asset classes, which may include office, retail, industrial, residential/living, hospitality or leisure, with a portfolio that totals 8.5 million square feet and 94 buildings as of September 30, 2019. For additional information about Hines Global, visit www.hinessecurities.com/current-offerings/hgit/.
Source: Hines
