(WASHINGTON D.C.) – Hines, the international real estate firm, announced today that it has purchased Hartland, a residential property site in Loudoun County, Virginia with Sumitomo / Dan Ryan. Originally owned by Timber Ridge Management, LLC, they have worked on the planning, engineering, and community layout for nearly two years in preparation and initiated development of the initial phase of the project.
The project will include 775 single family detached homes, extensive amenities, open space and trails, and a locally owned winery across approximately 800 acres of land. The lots have been presold to Dan Ryan Builders, NVR and Van Metre homes.
“We are excited about working together with Sumitomo / Dan Ryan to create a superior residential community on the premier site in the Washington, D.C. metro region. As the last large tract with by right zoning, located in a severely supply constrained market which continues to experience population growth and offer a distinctly high quality of life, we are confident that this project will be a positive contribution to the community and a success for the venture,” said Alex Westra, managing director at Hines.
“The Hartland property has the potential to be another iconic community for Hines and Sumitomo / Dan Ryan,” said Rick DiBella, principal of Timber Ridge Management. “We have every confidence they’ll make Hartland a wonderful place to live in Loudoun County.”
The initial phase of the project broke ground earlier this year while under Timber Ridge’s management with initial delivery anticipated for Q1 2021. The subsequent phases are scheduled to be completed by the end of 2023.
The Hines deal team includes senior managing directors Chuck Watters and Rob Witte, managing director Alex Westra, associate John Carroll and vice president of construction Brian Eklund.
About Timber Ridge Management
Timber Ridge is the developer of the award-winning community of Willowsford, which was a frontrunner in popularizing the concept of the “agrihood” around the nation, incorporating a working farm and nature conservancy into luxury residential living. For three years, Willowsford was among the top 50 best-selling communities in the country. It is now in its final phase of sales and nearing completion.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.