Hines Global Income Trust Buys Maryland Multifamily Property for $98 Million
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Alloy by Alta, a new 275‐unit multifamily asset located near the University of Maryland in College Park.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Alloy by Alta, a new 275‐unit multifamily asset located near the University of Maryland in College Park. The purchase price was approximately $98 million, excluding transaction costs and closing prorations.
Rebranded as The Alloy, the 7-story building will increase Hines Global’s living sector investments to more than $430 million globally.
The Alloy is a student-dominant multifamily property with one-, two- and three-bedroom units averaging 838 square feet. The property is nearly 98 percent leased.
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 and its second offering in December 2017.
As of November 13, 2019, Hines Global Income Trust raised $842.3 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owned a portfolio of 15 properties.
