Hines Global Income Trust to Buy Houston Luxury Apartments for $72.9 Million
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, plans to purchase Venue Museum District, a 224-unit multifamily property located in Houston, Texas.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, plans to purchase Venue Museum District, a 224-unit multifamily property located in Houston, Texas, for approximately $72.9 million. The company also plans to purchase a land parcel that sits adjacent to the property as part of the transaction.
Venue Museum District is comprised of one- and two-bedroom units located in the heart of Houston’s Museum District, walking distance to the Houston Fine Arts Museum and Miller Outdoor Theater. The property is currently 89 percent leased.
Property amenities include a heated pool with private cabanas, an outdoor kitchen with BBQ grills, fitness center, executive business center with conference room, sports lounge, and electric car charging station.
Hines Global Income Trust expects to fund the acquisition using proceeds from its public offerings, a secured mortgage from a third-party, and its credit facility with Hines Interests Limited Partnership.
The company funded a $1.5 million earnest money deposit on August 21, 2018, and the transaction is expected to close in September 2018, subject to a number of closing conditions.
Hines Global Income Trust, which invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014. The company suspended its offering in September 2017 to register its follow-on as a perpetual life REIT. As of August 9, 2018, the company raised $424.6 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owns a portfolio of seven properties with a total acquisition cost of approximately $656.3 million.
