MIAMI – (Realty News Report) – Hines Global Income Trust acquired the 495-unit Gables Station in Miami for a reported $430 million, in one of the largest apartment deals ever in South Florida.
Gables Station is a 14-story, 1.2-million-SF upscale live, work and play development located in the burgeoning Coral Gables neighborhood and was developed by 54 Madison Partners and Nolan Reynolds International. Life Time, a national healthy lifestyle brand, conceptualized its fully integrated residential experience which centers around Life Time’s 80,000-SF luxury athletic resort, a 25,000-SF Life Time Work coworking space and the Life Time Living residences, including studios, one-, two- and three-bedroom, and penthouse units. The units are 95 percent leased and Hines’ Willowick Residential will be property manager.
“Gables Station is a generational asset in one of the most desirable neighborhoods in the Southeast US,” said Juan Jacobus, Director for South Florida for Hines.
The project is located in one of the most coveted areas of Miami, directly adjacent to Shops at Merrick Park, and minutes from downtown Coral Gables and Coconut Grove. The complex provides quick and convenient commute options to residents and strong transit connectivity with a less than 10-minute walk to the Douglas and University of Miami Metrorail Stations, which offers direct access to MiamiCentral, the hub for all train systems in South Florida.
Residents also have access to a retail mix including Trader Joe’s and Erba, an Italian-restaurant by Alpareno Group’s Niven Patel, who is a four-time nominee for a James Beard Award, as well as Graziano’s, a high-end specialty foods market within the development. In addition, the complex is next to the Shops at Merrick Place, a 750,000-SF open-air retail village anchored by Neiman Marcus and Nordstrom.
“In the midst of historic economic growth in South Florida, the Gables Station investment represents a unique opportunity to capitalize on our strategy to grow our multifamily portfolio by acquiring a world-class, generational asset in a highly desirable location with high barriers to entry for new development,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “As South Florida continues to attract more corporations and the demand for luxury mixed-use, transit-oriented developments continues to increase, we are confident that this asset will contribute to the HGIT portfolio’s success.”
This transaction was led by Michael Harrison, senior managing director and Juan Jacobus, director at Hines. Cushman & Wakefield represented the seller.
Gables Station is another milestone acquisition in the Hines Southeast region portfolio, which totals over 10.3 million SF that the firm owns or manages. Additional projects in development in South Florida include FAT Village (Food, Art, Technology), a 5.6-acre, 835,000-SF, office, retail and residential mixed-use urban village in Fort Lauderdale’s Flagler Village neighborhood which will feature one of Hines’ proprietary timber office buildings; and South Flagler House, a Robert A.M. Stern designed boutique condominium project featuring two 28-story towers in the West Palm Beach.
Hines is a privately owned global real estate investment firm founded in Houston in 1957 by the late legendary developer Mr. Gerald D. Hines. Hines has a presence in 285 cities in 28 countries and oversees investment assets under management totaling $90.3 billion. Hines Global Income Trust is a public, non-listed real estate investment trust sponsored by Hines. The purchase price of the Coral Gables project was not disclosed, but several national trade publications placed the price at $430 million.
Sept. 3, 2022 Realty News Report Copyright 2022
Image: Courtesy Cushman & Wakefield
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File: $430 Million Apartment Purchase by Hines
File: $430 Million Apartment Purchase by Hines Global Income Trust