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Hines Global Acquires $117.5 Million California Multifamily Asset

Hines Global Acquires $117.5 Million California Multifamily Asset. Alternative investments, Hines, HGIT, Hines Global Income Trust, multifamily, commercial real estate

Hines announced that Hines Global Income Trust, Inc. – a public, non-listed real estate investment trust sponsored by Hines – has acquired Hanover Diridon, a Class-A multifamily asset located in San Jose, Calif., for $117.5 million.

Willowick Residential, Hines’ multifamily property management firm, which manages three other assets in the Bay Area, will assume the role of property manager.

“Diridon West’s strategic location, trophy profile, and proximity to premier Silicon Valley employers and live-work-play amenities make it an attractive investment,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “While development costs remain elevated in the Bay Area resulting in a slowdown of new multifamily product, fundamentals continue to improve, therefore ideally positioning this asset to capitalize on the strength of the market.”

Located on West Julian Street, Hanover Diridon, which will be rebranded as Diridon West, is a seven-story, 249-unit Class A multifamily development completed in 2021. It is currently 95% leased. According to Hines, the property includes studios, one-bedroom, and two-bedroom units with luxury finishes and resort-style amenities including a pool with cabanas, rooftop sky deck, fitness center, dog spa, indoor/outdoor clubhouse, and below-grade parking. Additionally, the asset is within walking distance to Whole Foods, the CalTrain Diridon Transit Station, and more.

Including Diridon West, HGIT has a $4.1 billion portfolio of commercial real estate investments that is more than 63% weighted toward the living and industrial sectors. HGIT, which began in 2014, is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.

Diridon West marks Hines’ continued growth in the Bay Area, which totals over 9.7 million square feet that the firm owns or manages, with more than 1,000 multifamily units managed.

Hines is a global real estate investment, development and property manager founded in 1957 and now operating in 30 countries. It manages a $94.6 billion portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Hines serves 790 properties totaling over 269 million square feet globally.

For more Hines news, please visit their directory page.