Hines, a leading global real estate investment, development and property management firm, has successfully completed a Delaware Statutory Trust (DST) with HREX Multifamily I DST. The DST now owns EMME, an upscale apartment complex located at 165 N. Desplaines Street in Chicago’s highly sought-after West Loop submarket.
EMME is a 14-story building featuring 199 units of Class A multifamily living space that boasts an impressive occupancy rate of 96%. This prime asset was acquired by Hines Global Income Trust Inc. (HGIT), which currently manages a portfolio valued at $4.1 billion as of January 31st,2024. HGIT’s subsidiary company,HREX Multifamily I DST,is responsible for this successful acquisition.
According to Alfonso Munk,the Chief Investment Officer – Americas for Hines,”Since the launch of our flagship fund,Hines Global Income Trust,nearly ten years ago,a companion offering for investors seeking to complete their Section1031 exchange transactions has become increasingly popular.” He further added,”We are delighted to have helped numerous investors achieve their goals through the overwhelming response we received from our latest offering,HREX Multifamily I DST.”
The article “Hines Fully Subscribes $77M Offering for Chicago Apartments” originally appeared on Connect CRE and showcases yet another example of how Hines continues to excel in its mission as one the world’s top real estate firms.
