Hines Global Income Trust Acquires MF Asset in West Loop
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The Hines Global Income Trust, Inc. (HGIT) acquired EMME, a multifamily asset in Chicago’s West Loop submarket. Portland-based Green Cities sold the 199-unit building to HGIT for $72.6 million, or $365,000 per unit, reported Crain’s.
Located at 165 North Des Plaines Street, EMME is a 14-story, Class A multifamily development that is 96% leased. 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.
The property includes studios, one-bedroom, and two-bedroom units with luxury finishes. Willowick Residential, Hines’ multifamily property management firm, which manages more than 2,000 multifamily units in Chicago, will assume the role of property manager. “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.
Hines Global Income Trust Acquires MF Asset in West Loop
Hines Global Income Trust Acquires MF Asset in West Loop
[ad_1]
The Hines Global Income Trust, Inc. (HGIT) acquired EMME, a multifamily asset in Chicago’s West Loop submarket. Portland-based Green Cities sold the 199-unit building to HGIT for $72.6 million, or $365,000 per unit, reported Crain’s.
Located at 165 North Des Plaines Street, EMME is a 14-story, Class A multifamily development that is 96% leased. 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.
The property includes studios, one-bedroom, and two-bedroom units with luxury finishes. Willowick Residential, Hines’ multifamily property management firm, which manages more than 2,000 multifamily units in Chicago, will assume the role of property manager. “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.
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