Hines Global Attains MD Multifamily Asset
The 275-unit acquisition will increase the firm’s residential investments to more than $430 million.
COLLEGE PARK, MD – Hines Global Income Trust Inc. has obtained a 275-unit multifamily asset in College Park, MD.
Previously named Alloy by Alta, the seven-story building, rebranded The Alloy, features one-, two- and three-bedroom units, averaging 838 square feet.
The student-dominated multifamily asset is adjacently located within walking distance to the University of Maryland.
The new property, which launched earlier this year, is currently 97.5% occupied, upon experiencing an average leasing rate of more than 40 units per month.
The transaction will increase the firm’s residential market investments to more than $430 million, globally.
Launching operations in 2014, Hines Global Income Trust is a public, non-listed REIT, sponsored by Hines. The REIT secures in commercial real estate investments internationally.
Hines, founded in 1957, is a privately-owned, global real estate investment firm. The company currently has $124.3 billion in assets under management, with a property and asset management portfolio that comprises 514 properties, across more than 222 million square feet.