Apartment

Hines’ $430 million apartment purchase

MIAMI – (Realty News Report) – Hines Global Income Trust has acquired Miami’s 495-unit Gables Station for $430 million, in one of South Florida’s largest ever apartment deals. .

Gables Station is a 14-story, 1.2 million square foot upscale living, working and leisure development located in the up-and-coming Coral Gables neighborhood and was developed by 54 Madison Partners and Nolan Reynolds International. Life Time, a national healthy lifestyle brand, has conceptualized its fully integrated residential experience that revolves around Life Time’s 80,000 square foot luxury sports complex, a 25,000 square feet and Life Time Living residences, including studios, one-, two-, and three-bedroom units and penthouses. The units are 95% leased and Willowick Residential of Hines will be the property manager.

“Gables Station is a generational asset in one of the most desirable neighborhoods in the Southeast United States,” said Juan Jacobus, South Florida director at Hines.

The project is located in one of Miami’s most desirable neighborhoods, right next to the shops of Merrick Park and minutes from downtown Coral Gables and Coconut Grove. The complex offers quick and convenient transportation options for residents and strong public transit connectivity within a 10-minute walk to the Douglas and University of Miami subway stations, which provide direct access to MiamiCentral, everyone’s hub. South Florida rail systems.

Residents also have access to an array of retail outlets, including Trader Joe’s and Erba, an Italian restaurant by Niven Patel of the Alpareno Group, which has been nominated for a four-time James Beard Award, as well as Graziano’s, a food market high-end specialty within the development. Additionally, the complex is adjacent to the shops of Merrick Place, a 750,000 square foot outdoor retail village anchored by Neiman Marcus and Nordstrom.

“In the midst of historic economic growth in South Florida, the Gables Station investment represents a unique opportunity to capitalize on our strategy to expand our multi-family portfolio by acquiring a world-class generational asset in a highly desirable location. with high barriers to entry for new development,” said Alfonso Munk, Hines CIO for the Americas and HGIT President. “As South Florida continues to attract more business and As demand for luxury mixed-use and transit-focused developments continues to increase, we are confident this asset will contribute to the success of the HGIT portfolio.”

This transaction was led by Michael Harrison, Senior Managing Director and Juan Jacobus, Principal at Hines. Cushman & Wakefield represented the seller.

Gables Station is another landmark acquisition in Hines’ Southeast Region portfolio, which totals more than 10.3 million square feet that the company owns or manages. Other projects under development in South Florida include FAT Village (food, art, technology), a 5.6-acre, 835,000-square-foot, mixed-use urban village of office, retail and residential in the Flagler Village neighborhood of Fort Lauderdale, which will include one of Hines’ exclusive wooden office buildings; and South Flagler House, a boutique condominium project designed by Robert AM Stern comprising two 28-story towers in West Palm Beach.

Hines is a privately held, global real estate investment firm founded in Houston in 1957 by the late legendary developer Mr. Gerald D. Hines. Hines has a presence in 285 cities in 28 countries and oversees investment assets under management totaling $90.3 billion. Hines Global Income Trust is an unlisted public real estate investment trust sponsored by Hines. The purchase price for the Coral Gables project has not been disclosed, but several national trade publications have put the price at $430 million.


September 3, 2022 Realty News Report Copyright 2022

Image: Courtesy of Cushman & Wakefield

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Dossier: Hines’ $430 million apartment purchase

Feature: Hines Global Income Trust’s $430 Million Apartment Purchase


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