Hines Global Income Trust, Inc. (HGIT) recently acquired a multifamily asset in Chicago’s West Loop submarket from Portland-based Green Cities for $72.6 million, or $365,000 per unit. Located at 165 North Des Plaines Street, the 14-story Class A building contains 199 units that are 96% leased and feature studios, one-bedroom and two-bedroom apartments with luxury finishes.
The property also boasts certifications such as LEED Gold ENERGY STAR Fitwel Viral Response and the 2019 Merit Award for Residential Design from the American Society of Landscape Architects Illinois Chapter – making it an attractive investment opportunity according to Alfonso Munk Hines’ CIO of the Americas and President of HGIT. To manage EMME’s operations Willowick Residential Hines’ multifamily property management firm which oversees more than 2 000 units in Chicago will take on this role going forward .
