Hines Global Income Trust Buys Multifamily Property Near Washington DC for $117 Million
Hines Global Income Trust, Inc., a publicly registered non-traded non-traded real estate investment trust, has purchased the Emerson, a newly constructed 355‐unit Class A multifamily property located in Centreville, Virginia.
Hines Global Income Trust, Inc., a publicly registered non-traded non-traded real estate investment trust, has purchased the Emerson, a newly constructed 355‐unit Class A multifamily property located in Centreville, Virginia, approximately 21 miles west of Washington, D.C.
Hines Global Income Trust purchased the Emerson from JLB Partners & Crow Holdings for $117 million, excluding transaction and closing costs. The company said that the property currently has a 64 percent occupancy rate and is expected to stabilize in the next six months.
The Emerson is comprised of studio, one-, two- and three-bedroom apartments with units averaging 925 square feet. It is first new property built in the last five years within a three-mile radius of its location in the Outlying Fairfax submarket of Northern Virginia.
“The Emerson is the newest property and, we believe, the highest-quality offering in a submarket where the average age of multifamily product is 23 years,” said Janice Walker, chief operating officer of Hines Global. “Given the age of the competition and the limited supply pipeline, the Emerson is well‐positioned to achieve premium rents while maintaining stabilized occupancy.”
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. As of the third quarter of 2019, the REIT owned direct real estate investments in 15 properties totaling 8.5 million square feet that were 96 percent leased.
