Hines, a global real estate investment, development and property manager, has completed another Delaware Statutory Trust (DST) with HREX Multifamily I DST. The DST owns EMME, a luxury apartment complex in Chicago’s West Loop submarket at 165 N. Desplaines Street.

EMME is a 14-story, 199-unit Class A multifamily development that is 96 percent leased. The asset was sourced by Hines Global Income Trust, Inc. (HGIT), which had a $4.1 billion portfolio as of January 31, 2024. HREX Multifamily I DST is a subsidiary of HGIT.

“Since launching Hines Global Income Trust almost ten years ago, a companion 1031 exchange offering has been of growing interest from financial professionals and their clients,” said Alfonso Munk, Chief Investment Officer – Americas for Hines. “We couldn’t be more pleased to help investors achieve their 1031 goals, as evidenced by the overwhelming response to HREX Multifamily I DST.”

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.