Hines, the global real estate investment, development, and property manager, announced that Hines Global Income Trust (“HGIT”), Inc. has acquired EMME, a multifamily asset located in Chicago’s West Loop submarket. With a diversified portfolio of global assets, this acquisition strengthens HGIT’s robust living sector allocation and expands its presence in Chicago. Willowick Residential, Hines’ multifamily property management firm, which manages more than 2,000 multifamily units in Chicago, will assume the role of property manager.
Located at 165 N Des Plaines Street, EMME is a 14-story, 199-unit Class A multifamily development that is 96% leased. The property includes studios, one-bedroom, and two-bedroom units with luxury finishes including Italian cabinetry and quartz countertops with porcelain panel backsplashes, engineered wood floors, high-efficiency LED lighting, domestic stone vanities, and more. The asset features resort-style amenities including a rooftop pool with cabanas, a fitness center and yoga studio, a club room with a chef’s kitchen, an expansive outdoor terrace with grilling stations, and more. Additionally, EMME has immediate proximity to West Loop’s boutique fitness studios, dynamic dining scene, upscale grocers, trophy offices, and luxury hotels. 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.
“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. “With Chicago’s multifamily sector witnessing robust occupancy and rental rates, this asset is ideally positioned to capitalize on continued growth and demand. HGIT will continue to adhere to a disciplined investment strategy, remaining patient during periods of capital market volatility in an effort to secure superior opportunities at favorable prices.”
“The West Loop is an appealing submarket in Chicago where multifamily demand has continued to increase,” said David Bach, managing director at Hines. “EMME is a high-quality asset situated in a prime location that is within walking distance to the live-work-play amenities of Fulton Market, the West Loop trophy office corridor, and the central transit hub.”
Including EMME, HGIT has a $3.9 billion portfolio of commercial real estate investments that is more than 62% 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.
EMME is a milestone acquisition for the Hines Midwest region portfolio, which totals over 23 million square feet that the firm owns or manages, and more than 2,000 multifamily units developed in Chicago.
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