Hines acquires three core assets, increasing gross asset value…

(HOUSTON) – Hines, a global real estate investment manager, today announced that Hines US Property Partners (“HUSPP” or the “Fund”), the Firm’s leading 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 industrial portfolio including Boulevard Oaks in Houston, Texas. The three assets have a total investment volume of approximately $454 million and bring the Fund’s gross asset value to $2 billion.

HUSPP, Hines’ open-ended, diversified fund targeting next-generation assets in the best-performing submarkets across the United States, has selectively acquired over $1 billion of real estate in the residential, industrial, grocery retail, medical office and select construction projects across the U.S. over the past 12 months. The fund is now more than 80% invested in the industrial, residential and alternative real estate sectors.

“The market continues to provide opportunities to buy at an attractive entry price for well-capitalized investors,” said Alfonso Munk, chief investment officer for the Americas at Hines. “Our patience, local market knowledge and ability to do deals, along with significant available liquidity, enable us to acquire properties at attractive entry yields and at a significant discount to replacement cost.”

“These acquisitions underline our continued flexibility to capitalize on dislocations in a volatile market environment,” said Adriana de Alcantara, fund manager at HUSPP. “All three properties have strong fundamentals and support the fund’s strategy to ‘buy, build and manage to the core’ in our high conviction sectors – residential, industrial and alternatives.”

Lenox & Quinn is HUSPP’s sixth investment in the multifamily sector and its first investment in New Jersey. Located in Jersey City’s vibrant Paulus Hook neighborhood, close to public transportation and with direct access to Manhattan, the prime asset consists of two side-by-side high-rises with mirror-image amenities, including a rooftop deck with a resort-style pool, fitness center, resident lounge and children’s playroom. The properties feature 408 residential units, including a mix of studio, one- and two-bedroom apartments with luxury finishes, and are currently 96% leased.

Located in a central suburb of the San Francisco Bay Area, The Rise in Walnut Creek is a newly constructed, luxury boutique property with 97 residential units, ranging from studios to three-bedroom apartments, and is fully leased.

In addition to the multifamily acquisitions, Boulevard Oaks is a 1.5 million square foot, 10-building, prime industrial portfolio with ample car and trailer parking, with easy access to Beltway 8 and Highway 59. It is HUSPP’s twelfth industrial investment and second investment in Houston and represents a strategic opportunity to expand into a highly desirable submarket.

HUSPP expects to continue investing in residential, industrial and mixed-use sectors, as well as select alternative sectors such as data centers, self-storage and others, to build a diversified portfolio aimed at a balance of returns and growth.

About Hines

Hines is a leading global real estate investment manager. We own and manage $93.2 billion of assets across all property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries leverage our 65-year history to move the world forward by investing in, developing and managing some of the world’s finest real estate. For more information, visit www.hines.com and follow @Hines on social media. #MarketingCommunications