One of America's biggest real-estate owners doubles down on its plan to invest in rentals, dropping $430 million on a Miami-area apartment complex
Hines, which owns $90.3 billion worth of real estate, bought an apartment building for $430 million.As deal flow slows, big investors see opportunity in what a Hines exec called"high-growth" markets.Toward the end of the spring,on multifamily buildings, which bankrolled a record year of investment in 2021, suddenly wasn't so cheap as interest rates rose sharply. It got harder to secure financing, deals froze, and a pricing correction rippled through the market.
"Over the last several months, we've seen asset values go down because now financing is so expensive," Munk said."You started seeing some of the volatility in markets. So we priced this asset accordingly."Hines' new complex, called Gables Station, which started leasing last year, is 93% occupied. Asking rents for its studios and one-, two- and three-bedroom units range from $2,500 to $8,500, a spokespersonlast year.
Hines bought Gables Station in Coral Gables, Florida, which has 495 residences, an 80,000-square foot gym and other retail spaces, for $430 million.Before putting in any bids, Hines had a plan: buy a mixed-use residential complex in Coral Gables, where it's relatively hard to build, Munk said.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
1 dead, 1 wounded in Birmingham apartment complex parking lot as 20-plus shots firedPolice said multiple people fired weapons, which included a rifle and a shotgun.
Weiterlesen »
Man fatally shot at Dallas apartment complexPolice are trying to find the person who shot and killed a 26-year-old man inside his Dallas apartment.
Weiterlesen »
Man charged with murder, attempted murder in stabbings at Westside apartment complex: JSOThe Jacksonville Sheriff’s Office said it has made an arrest in a case that involved the stabbings of two women, one of whom died from her injuries.
Weiterlesen »
USDA Scatters Oral Rabies Vaccines for Wildlife in 13 StatesIn an attempt to stop the spread of raccoon-borne rabies, the USDA is dropping nearly 4 million packets of oral rabies vaccines from helicopters, planes, and vehicles in 13 states, stretching from Alabama to Maine.
Weiterlesen »
Rick Caruso’s blockbuster bid to be mayor of LA flops with votersRick Caruso dumped $40 million of his fortune and rolled out a host of celebrity endorsements in his campaign for LA mayor — only to finish second in the primary. Then the billionaire developer all but disappeared from the airwaves and the campaign trail.
Weiterlesen »