(HOUSTON) – Hines, a global real estate investment manager, today announced that Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm's flagship commingled U.S. core plus fund, has acquired two Class A multifamily investments, The Lenox & Quinn in Jersey City, New Jersey and The Rise in Walnut Creek, California, as well as an infill industrial portfolio, Boulevard Oaks in Houston, Texas. The three assets total approximately $454 million in investment volume and bring the fund’s Gross Asset value to $2 billion.
HUSPP, Hines’ open-ended, diversified fund targeting next-generation assets in top-performing submarkets throughout the United States, has selectively acquired over $1 billion of properties over the past 12 months across living, industrial, grocery-anchored retail, medical office, and select developments around the U.S. The fund is now more than 80% allocated to the industrial, living, and alternative sectors.
“The market is continuing to offer opportunities to buy at an attractive entry basis for well-capitalized investors,” said Alfonso Munk, Americas Chief Investment Officer for Hines. “Our patience, local market expertise and deal sourcing capabilities, along with significant available liquidity are allowing us to acquire properties at attractive going-in yields and at a significant discount to replacement cost.”
“These acquisitions reinforce our continued flexibility to take advantage of dislocation in a volatile market environment,” said Adriana de Alcantara, fund manager for HUSPP. “All three properties display strong fundamentals and support the fund’s strategy to ‘buy, build, and manage to core’ in our high-conviction sectors – living, industrial and alternatives.”
The Lenox & Quinn serves as HUSPP’s sixth investment in the multifamily sector and first investment in New Jersey. Located in Jersey City’s vibrant Paulus Hook neighborhood with proximity to transit and immediate access to Manhattan, the Class-A property features two adjacent high-rise buildings with mirrored amenity offerings, including a rooftop deck with a resort-style pool, fitness center, resident lounge, and children’s playroom. The properties feature 408 units, including a mix of studio, one-bedroom, and two-bedroom apartments with luxury finishes, and is currently 96% leased.
Located in a core suburb of San Francisco’s Bay Area, The Rise in Walnut Creek is a newly built, boutique luxury property comprising 97 units, ranging from studios to three bedrooms, and is fully leased.
In addition to the multifamily acquisitions, Boulevard Oaks is a 1.5 million-square-foot Class-A infill industrial portfolio consisting of 10 buildings and ample parking for cars and trailers, with easy accessibility to Beltway 8 and Hwy 59. It is HUSPP’s twelfth industrial investment and second investment in Houston and offers a strategic opportunity to expand into a highly sought-after submarket.
HUSPP expects to continue to invest across the living, industrial, and mixed-use sectors, as well as select alternative sectors, such as data centers, self-storage, and others, to construct a diversified portfolio that targets a balance of yield and growth.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media. #MarketingCommunications
