Hines Announces South Florida's Second Largest Single-Asset Multifamily Acquisition on Behalf of Hines Global Income Trust

This acquisition underscores Hines’ thesis for multifamily sector growth in one of the sunbelt’s hottest markets

(MIA­MI) – Hines, the glob­al real estate firm, announced that Hines Glob­al Income Trust (“HGIT”) has acquired Gables Sta­tion in Mia­mi, FL, which fea­tures 495 Life Time Liv­ing® res­i­dences. This acqui­si­tion is the sec­ond largest sin­gle-asset mul­ti­fam­i­ly sale in South Flori­da, reaf­firm­ing HGIT’s and Hines’ bull­ish stance on the future of the mar­ket. Since the pan­dem­ic, Hines has com­mit­ted approx­i­mate­ly $1.8 bil­lion across three prime devel­op­ments and acqui­si­tions in South Flori­da. Wil­low­ick Res­i­den­tial, Hines’ bou­tique mul­ti­fam­i­ly prop­er­ty man­age­ment firm, will assume the role as prop­er­ty man­ag­er for the asset.

Gables Sta­tion is a 14-sto­ry, 1.2‑million-square-foot upscale live, work and play devel­op­ment locat­ed in the bur­geon­ing Coral Gables neigh­bor­hood and was devel­oped by 54 Madi­son Part­ners and Nolan Reynolds Inter­na­tion­al. Life Time ® (NYSE: LTH), the nation’s pre­mier healthy lifestyle brand, con­cep­tu­al­ized its ful­ly inte­grat­ed res­i­den­tial expe­ri­ence which cen­ters around Life Time’s 80,000square-foot lux­u­ry ath­let­ic resort, a 25,000-square-foot Life Time Work cowork­ing space and the Life Time Liv­ing® res­i­dences, includ­ing stu­dios, one‑, two- and three-bed­room, and pent­house units, which are 95% leased. Deemed as one of the ​“most walk­a­ble sub­urbs in the coun­try” by The Wall Street Jour­nal, Life Time Liv­ing sits in one of the most cov­et­ed areas of Mia­mi, direct­ly adja­cent to Shops at Mer­rick Park, and min­utes from down­town Coral Gables and Coconut Grove . The com­plex pro­vides quick and con­ve­nient com­mute options to res­i­dents and strong tran­sit con­nec­tiv­i­ty with a less than 10minute walk to the Dou­glas and Uni­ver­si­ty of Mia­mi Metro­rail Sta­tions, which offers direct access to Miami­Cen­tral, the hub for all train sys­tems in South Florida.

The prop­er­ty also fea­tures a full-ser­vice LifeS­pa, three resort-style pools, a full-ser­vice Life­Cafe, and a Kids Acad­e­my. Life Time will con­tin­ue to man­age the ath­let­ic club, cowork­ing and ameni­ty spaces.

“In the midst of his­toric eco­nom­ic growth in South Flori­da, the Gables Sta­tion invest­ment rep­re­sents a unique oppor­tu­ni­ty to cap­i­tal­ize on our strat­e­gy to grow our mul­ti­fam­i­ly port­fo­lio by acquir­ing a world-class, gen­er­a­tional asset in a high­ly desir­able loca­tion with high bar­ri­ers to entry for new devel­op­ment,” said Alfon­so Munk, Hines’ CIO of the Amer­i­c­as and pres­i­dent of HGIT. ​“As South Flori­da con­tin­ues to attract more cor­po­ra­tions and the demand for lux­u­ry mixed-use, tran­sit-ori­ent­ed devel­op­ments con­tin­ues to increase, we are con­fi­dent that this asset will con­tribute to the HGIT portfolio’s success.”

Res­i­dents also have access to an excep­tion­al­ly curat­ed retail mix includ­ing Trad­er Joe’s and Erba, an Ital­ian-restau­rant by Alpareno Group’s Niv­en Patel, who is a four-time nom­i­nee for a James Beard Award, as well as Graziano’s, a high-end spe­cial­ty foods mar­ket with­in the devel­op­ment. In addi­tion, the com­plex is next to the Shops at Mer­rick Place, a 750,000-square-foot open-air retail vil­lage anchored by Neiman Mar­cus and Nordstrom. 

“Along with Hines, we embrace place­mak­ing as a core strat­e­gy with the goals of pro­mot­ing health, hap­pi­ness, well­be­ing and con­ve­nience for the local com­mu­ni­ty,” said Parham Java­heri, chief prop­er­ty devel­op­ment offi­cer at Life Time. ​“Along with our devel­op­ment part­ners, we envi­sioned just that with the design and con­struc­tion of Gables Sta­tion to serve the vibrant Coral Gables neigh­bor­hood, pro­vid­ing a hub for peo­ple who pri­or­i­tize liv­ing health­i­er and trav­el­ing smarter. We see this as an incred­i­bly well-posi­tioned mul­ti­fam­i­ly asset to meet the needs of the rapid­ly grow­ing res­i­dent pop­u­la­tion in the market.”

Includ­ing Gables Sta­tion, HGIT has $3.8 bil­lion port­fo­lio of com­mer­cial real estate invest­ments that is near­ly two-thirds 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.

Gables Sta­tion is anoth­er mile­stone acqui­si­tion in the Hines South­east region port­fo­lio, which totals over 10.3 mil­lion square feet that the firm owns or man­ages. Addi­tion­al projects in devel­op­ment in South Flori­da include FAT Vil­lage (Food, Art, Tech­nol­o­gy), a 5.6‑acre, 835,000-square-foot, office, retail and res­i­den­tial mixed-use urban vil­lage in Fort Lauderdale’s Fla­gler Vil­lage neigh­bor­hood which will fea­ture one of Hines’ pro­pri­etary tim­ber office build­ings; and South Fla­gler House, a Robert A.M. Stern designed bou­tique ultra-lux­u­ry con­do­mini­um project fea­tur­ing two 28-sto­ry tow­ers in the West Palm Beach.

This trans­ac­tion was led by Michael Har­ri­son, senior man­ag­ing direc­tor and Juan Jacobus, direc­tor at Hines. Cush­man & Wake­field rep­re­sent­ed the seller.

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 pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 285 cities in 28 coun­tries. Hines over­sees invest­ment assets under man­age­ment total­ing approx­i­mate­ly $90.3 bil­lion¹. In addi­tion, Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices to 373 prop­er­ties total­ing 114.2 mil­lion square feet. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,530 prop­er­ties, total­ing over 511 mil­lion square feet. The firm cur­rent­ly has more than 198 devel­op­ments under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a foun­da­tion­al com­mit­ment to ESG, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it http://​www​.hines​.com for more information. 

¹In­cludes both the glob­al Hines orga­ni­za­tion as well as RIA AUM as of Decem­ber 31, 2021.

About Wil­low­ick Res­i­den­tial
Wil­low­ick Res­i­den­tial, a sub­sidiary of Hines, is a bou­tique mul­ti­fam­i­ly prop­er­ty man­age­ment firm. The firm was found­ed to pro­vide a tai­lored, bespoke alter­na­tive for asset/​property man­age­ment. Wil­low­ick is pow­ered by a sig­nif­i­cant amount of expe­ri­ence and a com­mit­ment to being the best in an indus­try ready for a pre­mier ser­vice provider. Launched in ear­ly 2020, Wil­low­ick Res­i­den­tial is cur­rent­ly man­ag­ing 15 Hines prop­er­ties across Cal­i­for­nia, Ari­zona, Illi­nois, Texas and Virginia.

About Life Time®
Life Time® (NYSE: LTH) empow­ers peo­ple to live healthy, hap­py lives through its port­fo­lio of near­ly 160 ath­let­ic coun­try clubs across the Unit­ed States and Cana­da. The Company’s healthy way of life com­mu­ni­ties address all aspects of healthy liv­ing, healthy aging and healthy enter­tain­ment for those 90 days to 90+ years with integri­ty and respect for every­one. With a team of more than 30,000, Life Time is com­mit­ted to pro­vid­ing the best pro­grams and expe­ri­ences through its ath­let­ic coun­try clubs, icon­ic ath­let­ic events and via a com­ple­men­tary, com­pre­hen­sive dig­i­tal platform.

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, 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, 2021, 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.