Hines Completes Record $591M Multifamily DST Offering
Hines has completed its largest Delaware statutory trust offering, raising about $591 million to buy two apartment properties in Coral Gables, Florida, and Chicago. The offering, HREX 9 DST, is the ninth completed by its Hines Private Wealth Solutions unit.
The offering closed with about 550 investors, according to a federal filing. Its first sale was in December 2025.
The trust owns two properties totaling 946 units and more than 957,000 square feet of rentable space. Gables Station is a 495-unit community near the University of Miami and downtown Miami. Left Bank is a 451-unit tower in Chicago’s Fulton Market and West Loop area.
Both properties came from Hines Global Income Trust, a non-traded real estate investment trust that had a gross asset value of about $7.29 billion as of Sept. 30.
“Our conviction in living is grounded in what we believe to be durable demand and a sharply reduced pipeline of new supply in many U.S. markets,” said Alfonso Munk, global co-head of investment management at Hines.
Since launching Hines Real Estate Exchange in 2022, Hines has raised more than $1.9 billion. The new offering is about four times the size of its previous one, HREX 8, which raised $145 million.