Hines Global REIT II Inc., a non-traded real estate investment trust sponsored by Hines, entered into a contract to acquire Domain Apartments, a multi-family community located in Henderson, Nevada.
Domain Apartments was constructed in 2014 and consists of 308 apartment units that are 97 percent leased. The contract purchase price for the community is approximately $59.5 million, exclusive of transaction costs and working capital reserves.
Hines Global REIT 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 funded a $1.5 million earnest money deposit on July 13th.
The acquisition is expected to close in the third quarter of 2015, subject to a number of closing conditions, including approval from its board of directors to consummate this acquisition.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services.