Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has acquired Venue Museum District, a 224-unit multifamily property located in the Museum District submarket of Houston for approximately $72.9 million. The company also purchased a 15,600-square-foot land parcel that sits adjacent to the property as part of the transaction.
Venue Museum District was constructed in 2009 and is located along the Houston Metrorail with access to the Texas Medical Center, Rice University, and Downtown Houston. The property is 92 percent leased.
“We are excited to add this top-quality property located at the nexus of Houston’s cultural, medical and business communities to our portfolio,” said Sherri Schugart, president and CEO of Hines Global Income Trust. “We look forward to participating in the continued growth of the Houston market in years to come.”
The sellers were Grayco Lui Museum Investment 2006 LP and Grayco Lui Museum Investment II LP, which are not affiliated with Hines.
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. 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, as of the second quarter of 2018.