Hines Global Income Trust Acquires Multifamily Asset in Chicago's West Loop Submarket

June 22, 2023

(CHICA­GO) – Hines, the glob­al real estate invest­ment, devel­op­ment, and prop­er­ty man­ag­er, announced that Hines Glob­al Income Trust (“HGIT”), Inc. has acquired EMME, a mul­ti­fam­i­ly asset locat­ed in Chicago’s West Loop sub­mar­ket. With a diver­si­fied port­fo­lio of glob­al assets, this acqui­si­tion strength­ens HGIT’s robust liv­ing sec­tor allo­ca­tion and expands its pres­ence in Chica­go. Wil­low­ick Res­i­den­tial, Hines’ mul­ti­fam­i­ly prop­er­ty man­age­ment firm, which man­ages more than 2,000 mul­ti­fam­i­ly units in Chica­go, will assume the role of prop­er­ty manager.

Locat­ed at 165 N Des Plaines Street, EMME is a 14-sto­ry, 199-unit Class A mul­ti­fam­i­ly devel­op­ment that is 96% leased. The prop­er­ty includes stu­dios, one-bed­room, and two-bed­room units with lux­u­ry fin­ish­es includ­ing Ital­ian cab­i­netry and quartz coun­ter­tops with porce­lain pan­el back­splash­es, engi­neered wood floors, high-effi­cien­cy LED light­ing, domes­tic stone van­i­ties, and more. The asset fea­tures resort-style ameni­ties includ­ing a rooftop pool with cabanas, a fit­ness cen­ter and yoga stu­dio, a club room with a chef’s kitchen, an expan­sive out­door ter­race with grilling sta­tions, and more. Addi­tion­al­ly, EMME has imme­di­ate prox­im­i­ty to West Loop’s bou­tique fit­ness stu­dios, dynam­ic din­ing scene, upscale gro­cers, tro­phy offices, and lux­u­ry hotels. EMME’s cer­ti­fi­ca­tions include LEED Gold, ENER­GY STAR, Fitwel Viral Response, and the 2019 Mer­it Award for Res­i­den­tial Design from the Amer­i­can Soci­ety of Land­scape Archi­tects, Illi­nois Chap­ter.

EMME’s strate­gic loca­tion in the vibrant West Loop and its excep­tion­al bou­tique Class‑A pro­file make it a com­pelling mul­ti­fam­i­ly invest­ment oppor­tu­ni­ty,” said Alfon­so Munk, Hines’ CIO of the Amer­i­c­as and pres­i­dent of HGIT. With Chicago’s mul­ti­fam­i­ly sec­tor wit­ness­ing robust occu­pan­cy and rental rates, this asset is ide­al­ly posi­tioned to cap­i­tal­ize on con­tin­ued growth and demand. HGIT will con­tin­ue to adhere to a dis­ci­plined invest­ment strat­e­gy, remain­ing patient dur­ing peri­ods of cap­i­tal mar­ket volatil­i­ty in an effort to secure supe­ri­or oppor­tu­ni­ties at favor­able prices.”

The West Loop is an appeal­ing sub­mar­ket in Chica­go where mul­ti­fam­i­ly demand has con­tin­ued to increase,” said David Bach, man­ag­ing direc­tor at Hines. EMME is a high-qual­i­ty asset sit­u­at­ed in a prime loca­tion that is with­in walk­ing dis­tance to the live-work-play ameni­ties of Ful­ton Mar­ket, the West Loop tro­phy office cor­ri­dor, and the cen­tral tran­sit hub.”

Includ­ing EMME, HGIT has a $3.9 bil­lion port­fo­lio of com­mer­cial real estate invest­ments that is more than 62% weight­ed toward the liv­ing and indus­tri­al sec­tors. HGIT is diver­si­fied by geog­ra­phy and real estate sec­tors, with a focus on sta­ble assets with strong long-term income poten­tial.

EMME is a mile­stone acqui­si­tion for the Hines Mid­west region port­fo­lio, which totals over 23 mil­lion square feet that the firm owns or man­ages, and more than 2,000 mul­ti­fam­i­ly units devel­oped in Chicago.

About Hines Glob­al Income Trust
Hines Glob­al Income Trust is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about HGIT, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a glob­al real estate invest­ment, devel­op­ment and prop­er­ty man­ag­er. The firm was found­ed by Ger­ald D. Hines in 1957 and now oper­ates in 30 coun­tries. Hines man­ages near­ly $96 bil­lion in high-per­form­ing assets across res­i­den­tial, logis­tics, retail, office, and mixed-use strate­gies. Its local teams serve 457 prop­er­ties total­ing near­ly 213 mil­lion square feet glob­al­ly. Hines is com­mit­ted to a net zero car­bon tar­get by 2040 with­out buy­ing off­sets. To learn more about Hines, vis­it www​.hines​.com and fol­low @Hines on social media. 

¹In­cludes both the glob­al Hines orga­ni­za­tion and RIA AUM as of Decem­ber 312022.

Any ESG or impact com­mit­ments made by Hines are not being pro­mot­ed and do not bind any invest­ment deci­sions made in respect of, or the stew­ard­ship of, HGIT. Any mea­sures imple­ment­ed in respect of such ESG or impact com­mit­ments may not be imme­di­ate­ly applic­a­ble to HGIT’s invest­ments and any imple­men­ta­tion can be over­rid­den or ignored at HGIT’s sole discretion.

For­ward-Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, the poten­tial long-term per­for­mance of this prop­er­ty and over­all growth of the Chica­go mul­ti­fam­i­ly sec­tor, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the prop­er­ty, risks asso­ci­at­ed with an eco­nom­ic down­turn in the region or the mul­ti­fam­i­ly sec­tor, and oth­er risks described in the Risk Fac­tors” sec­tion of HGIT’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2022, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.

Press Contact
Erica Campbell

212 294 9024