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Hines Global Income Trust Buys Rhode Island Multifamily Property

Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Center Place in downtown Providence, Rhode Island.

Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Center Place, a 223-unit multifamily property in downtown Providence, Rhode Island for approximately $75 million.

Center Place is an approximately 242,000-square-foot property within close proximity to a variety of medical institutions and universities, and the Providence train station. Amenities include a 24-hour fully fitness center, indoor swimming pool, parking garage and a 24-hour concierge.

Hines Global said “the asset has been a longtime stalwart performer” and is currently 97 percent leased to a range of residents including college educators, medical personnel, students and professionals working in the Boston-Worcester-Providence combined statistical area.

Major employers in the area including Rhode Island Hospital, Textron and Citizens Financial HQ. The site is also walking distance to multiple universities including Brown University, Rhode Island School of Design, Johnson & Wales, and a range of dining and shopping options.

“The acquisition of Center Place provides Hines Global more exposure to the living sector, a product type that is a primary focus for the portfolio,” added Omar Thowfeek, managing director of investments at Hines Global. “The asset is well‐positioned to achieve premium rents while maintaining stabilized occupancy.”

The acquisition joins a $2.4 billion portfolio that is roughly two-thirds weighted toward the industrial and living sectors.

From inception in August 2014 through May 13, 2021, Hines Global Income Trust raised approximately $1.3 billion in investor equity in its public offerings. It launched its second follow-on offering at the beginning of June 2021 and has raised $323 million as of mid-December 2021.

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