Hines acquires Class A multifamily asset in Centreville, Virginia

Hines acquires Class A multifamily asset in Centreville, Virginia
The Emerson Photo:Courtesy of Hines

Hines Global Income Trust, Inc., a public, non-traded perpetual real estate investment trust (REIT), sponsored by Hines, 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, a Class A multifamily asset in Centreville, 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.

“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,” said Janice Walker, Chief Operating Officer of Hines Global.

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“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.

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.