Hines Global REIT II Buys Nevada Multifamily Property for $58.2 Million
Hines Global REIT II Inc., a publicly registered non-traded real estate investment trust, finalized the purchase of the Domain Apartments in Henderson, Nevada for $58.2 million, exclusive of transaction costs. The seller was LV Eastern LLC.
Domain Apartments was constructed in 2014 and consists of 308 units with an average unit size of 1,075 square feet. The community features amenities including a fitness center, swimming pool, movie theater, electric vehicle charging stations and bicycle rentals. The property is currently 95 percent leased, with an average effective monthly rental rate of $1,252 per unit.
The estimated going-in capitalization rate for the Domain Apartments is approximately 5.5 percent.
As previously reported by The DI Wire, the purchase agreement was reinstated late last year after being terminated in September 2015 for undisclosed reasons.
Hines Global II expects to fund the acquisition using proceeds from its public offering, a secured mortgage from a third-party and its credit facility with Hines Interests Limited Partnership. The REIT expects the acquisition to close during the first quarter of 2016.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries.
