Houston-based Hines, through its Hines Global Income Trust (HGIT) REIT, has acquired for Gables Station, a 1.2M SF, mixed-use development that opened last year in Coral Gables, FL.
The $430M purchase price for the building—which is branded a Life Time Living facility—makes it one of the priciest multifamily trades of the year in South Florida, second only to Harbor International's $450M purchase of two Parkline Miami apartment towers in March.
The sellers were NY-based 54 Madison Partners and Nolan Reynolds International, a developer based in Coral Gables. The deal was brokered by Cushman & Wakefield, according to a report in the South Florida Business Journal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
