Hines Completes $246.5M DST Comprising Pair of University-Adjacent Assets
Hines Private Wealth Solutions LLC has successfully completed HREX 6, DST, a nearly $246.5 million Delaware statutory trust. Launched in January of this year, the original offering amount was just over $255.4 million.
Announced by global real estate investment manager Hines, the DST includes two Class A multifamily properties – E2 Apartments and The Alloy – each of which is adjacent to, and within a 10-minute walk of a major university. E2 Apartments, a 304,041 square-foot property with 352 units, is immediately accessible to Northwestern University. The Alloy, a 230,362-square-foot property with 275 units, is located next to the University of Maryland.
The assets were sourced by Hines Global Income Trust Inc., or HGIT, a publicly registered non-traded real estate investment trust sponsored by Hines, which had a $5.15 billion portfolio as of July 31, 2025, and is diversified by geography and property type with a focus on dynamic sectors and markets.
Previously reported by AltsWire, HGIT acquired E2 Apartments for $148 million in December 2024. The property is three blocks from the El and Metra stations and near restaurants, coffee shops, and Whole Foods. E2 amenities include a pool deck and basketball/pickleball court.
HGIT procured The Alloy significantly earlier, in fall 2019. The purchase price was approximately $98 million, excluding transaction costs and closing prorations. The asset features one-, two-, and three-bedroom units averaging 838 square feet.
“We have high conviction in the living sector – especially multifamily properties adjacent to major universities – where strong student demand and constrained supply underpin stable performance,” said Alfonso Munk, co-head of investment management at Hines. “We’re pleased to have been able to help investors achieve their 1031 goals with this offering.”
HREX 6 DST allowed qualified investors to complete a like-kind exchange of property under Internal Revenue Code Section 1031. It presented a solution to aid in the deferment of capital gains and other taxes while providing the opportunity to own two Class A multifamily properties.
HGIT’s consolidated balance sheet as of the end of July 2025 included a liability of $49.8 million related to distribution and stockholder servicing fees payable to Hines Private Wealth Solutions. As of July 31, the REIT owned interests in 50 real properties that were 96% leased and consisted of 23.4 million square feet of leasable space, based on information as of June 30, 2025, but reflecting the acquisition of Houston’s Montrose Collective in July 2025. Its portfolio was 31% levered based on the valuations of its real properties as of the end of July.
The REIT’s total net asset value was approximately $2.78 billion as the end of July, a month-over-month increase of 0.46% from June 30’s nearly $2.77 billion value. Hines Global Income Trust commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.
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