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Hines REIT Buys, Rebrands Apartments Near U. of Maryland
Hines Global Income Trust acquired Alloy by Alta, a new 275‐unit multifamily asset located adjacent to the University of Maryland in College Park, for an undisclosed sum. Rebranded The Alloy, the seven-story asset will increase Hines Global’s living sector investments to over $430 million globally.
After delivering in the first quarter of 2019, The Alloy leased at an average rate of more than 40 units per month and is currently 97.5% leased. Its tenant base is predominantly, although not exclusively, comprised of students.
“Hines has developed an impressive residential and student housing track record, and knows how to successfully maintain occupancy and grow rents through proactive leasing and property management,” said Chuck Watters, senior managing director at Hines.
Along with being located less than a mile from the University of Maryland, The Alloy is also convenient to many of the area’s top employers, says Hines.
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