Hines, a renowned global real estate firm specializing in investment, development, and property management services, has successfully completed a Delaware Statutory Trust (DST) with HREX Multifamily I DST. The DST now holds ownership of EMME – an upscale apartment complex located at 165 N. Desplaines Street in Chicago’s highly sought-after West Loop submarket.
EMME is a prestigious 14-story building comprising of 199 high-end units that boast Class A amenities. Currently operating at an impressive occupancy rate of 96%, the asset was acquired by Hines Global Income Trust Inc. (HGIT), which boasts a substantial portfolio worth $4.1 billion as of January 31st,2024.HREX Multifamily I DST operates as HGIT’s subsidiary.
According to Alfonso Munk- Chief Investment Officer for Americas at Hines- “Since its inception almost ten years ago,HGIT has garnered immense interest from financial professionals and their clients looking for companion exchange offerings.” He further added,”We are delighted to have helped investors achieve their goals through our successful launch of HREX Multifamily I DST.”
The article titled “Hines Fully Subscribes $77M Offering for Chicago Apartments” can be found on Connect CRE website.
