Hines, an international real estate developer, increased its ownership of the $700 million CityCenterDC project in Washington after buying the stake held by Archstone Inc., their partner in the deal.
Hines announced the acquisition a day after apartment owners AvalonBay Communities Inc. (AVB) and Equity Residential (EQR) said they completed their purchase of Archstone in a cash-and-stock deal valued at $16 billion. Terms weren’t disclosed.
“We have enjoyed working with Archstone and are proud to complete and manage this momentous development for D.C.,” Jeff Hines, president of Houston-based Hines, said in a statement.
Hines will develop two apartment buildings comprising 458 units at CityCenterDC. The District of Columbia in 2003 chose Hines and Archstone to develop the 10-acre (4-hectare) project on the grounds of Washington’s old convention center. Construction began in 2011. The plans also include condominiums, offices, retail and hotel rooms.
Hines’s multifamily residential development business, established two years ago, has about 5,500 units valued at about $1 billion in various stages of construction in 12 U.S. cities.
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