Home News Hines Global REIT II Reinstates $58 Million Purchase Agreement for Multifamily Property

Hines Global REIT II Reinstates $58 Million Purchase Agreement for Multifamily Property

Hines Global REIT II Inc., a publicly registered non-traded real estate investment trust, reinstated its purchase agreement with LV Eastern LLC to acquire Domain Apartments in Henderson, Nevada for $58.2 million, exclusive of transaction costs and working capital reserves.

Domain Apartments was constructed in 2014 and consists of 308 units with an average unit size of 1,075 square feet. The community features amenities including a fitness center, swimming pool, movie theater, electric vehicle charging stations and bicycle rentals. The property is currently 95 percent leased.

As reported by The DI Wire, the original agreement was signed in July with a purchase price of $59.5 million, but it was later terminated in September for undisclosed reasons.

Hines Global II expects to fund the acquisition using proceeds from its public offering, a secured mortgage from a third-party and its credit facility with Hines Interests Limited Partnership. The REIT expects the acquisition to close during the first quarter of 2016.

Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries.