Hines Buys South Florida Luxury Development for $430M

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.

The tower, located at 252 South Dixie Highway, includes 495 apartments and more than 105K SF of retail space. According to a release, the apartments are 95% leased.

Life Time Living will continue to operate fitness, office and amenity space at Gables Station, including an 80K SF Life Time Health facility—which the healthy lifestyle brand calls a “luxury athletic resort”—and a 20K SF Life Time Work coworking space.

Gables Station also features a full-service LifeSpa, three resort-style pools, a full-service LifeCafe and a Kids Academy.

The upscale live, work and play development is in an area of Miami that has been called one of the “most walkable suburbs in the country” by the Wall Street Journal. The tower is directly adjacent to the Shops at Merrick Park, a 750K SF open-air retail village, and within minute of downtown Coral Gables, Coconut Grove and the Douglas and University of Miami Metrorail stations.

Willowick Residential, Hines boutique multifamily property management unit, unit will take over the apartment management, according to a Hines release.

“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, president of HGIT, in a statement.

Hines has been aggressively growing its South Florida portfolio, investing $1.8B across several developments.

Recent Hines investments in South Florida include FAT Village (Food, Art, Technology), a 5.6-acre, 835K SF urban mixed-use community in Fort Lauderdale’s Flagler Village neighborhood and South Flagler House, a boutique “ultra-luxury” condo project featuring two 28-story towers in West Palm Beach.

The FAT Village development will feature on of Hines’ proprietary timber office buildings.