Chuo-Nittochi, Sumitomo Forestry, and Hines Launch Joint Multifamily Development in Virginia
Chuo-Nittochi Co., Ltd. has partnered with Sumitomo Forestry Co., Ltd. and U.S.-based real estate giant Hines to co-develop a six-story, 365-unit multifamily rental project in Prince William County, Virginia. Construction is scheduled to begin in July 2025, with leasing expected to commence in April 2027. This marks the first collaboration involving all three firms.
The project site, overlooking the Potomac River, spans approximately 1,920 acres (approx. 7.8 million sqm). Designed to appeal to a wide demographic from young professionals to families, the community will feature a full range of shared amenities including coworking spaces and a swimming pool. The upper five floors will be built using wood-frame construction, a structural approach that reduces both construction costs and embodied carbon compared to reinforced concrete.
Chuo-Nittochi joins the project as its sixth collaboration with Sumitomo Forestry since the latter entered the U.S. multifamily market in 2018. It will be Chuo-Nittochi’s 13th U.S. project overall and its second development in the Washington, D.C. metropolitan area, forming a strategic pillar in its overseas portfolio expansion.
Sumitomo Forestry ranked fourth in the U.S. by multifamily housing starts in 2024, with 5,344 units, and aims to deliver over 10,000 units annually by 2027.
Founded in 1957, Hines operates across 384 cities in 30 countries, with assets under management totaling USD 90.1 billion. Its global track record includes 1,803 developments and acquisitions totaling 57.7 million sqm in gross floor area. By leveraging Hines’ expertise in timber-hybrid structures and wellness-focused residential development, the partnership aims to enhance environmental performance, boost competitiveness, and drive rent growth and asset value.
Key Facts
Project Name: Potomac Shores
Developers: Chuo-Nittochi / Sumitomo Forestry / Hines
Location: 1552 River Heritage Blvd., Prince William County, Virginia, USA
Number of Floors: 6F
Total Units: 365
Completion: July 2027
Gross Floor Area: 32,261㎡ (approx. 347,200 sq. ft.)