Hines, a leading real estate firm, has recently made a significant investment in the suburban Chicago area. The company acquired the E2 Apartments for an impressive $148 million, setting a new record for property purchases in this region. This multifamily asset is located in Evanston, Illinois and adds to Hines’ already extensive portfolio of properties throughout the Midwestern United States.
The E2 Apartments consist of 352 units and are situated at 1890 Maple Ave. in downtown Evanston. Hines purchased this property from Northwestern Mutual with whom they have collaborated on various projects before. The development of E2 was completed by Northwestern Mutual along with other partners such as Fifield Cos., back in 2015.
This Class-A multifamily complex is conveniently located near prestigious institutions like Northwestern University and covers an area of over 304,000 square feet. Since its acquisition by Hines Global Income Trust (HGIT) back in December 2024, it has maintained high occupancy rates at around 98%. Its prime location coupled with top-notch amenities make it an attractive opportunity for HGIT which sourced the deal through their Chicago team.
In addition to acquiring E2 Apartments,Hines also announced its purchase of Tortona Logistics – an industrial property situatedin Tortona Italy-for approximately $144 million.This further expands their global presence and diversifies their portfolio across different sectors within real estate.HGIT’s success continued as they successfully completed another major transaction worth $1247million through their Private Wealth Solutions division -theHREX Multifamily III DST,a Delaware Statutory Trust (DST).
Overall,Hine’s recent investments showcase not onlytheir strong financial capabilities but alsotheir strategic approach towards expandingand enhancingtheir diverse real estate holdingsacross both domesticand international markets.Their latest acquisitions demonstrate thatthey remain committedto providing exceptional value to investors while simultaneously contributingto economic growththroughoutthe communities where they operate.Connect CRE.
