Hines Global Income Trust Acquires Coral Gables Multifamily for $430M

Hines Global Income Trust has acquired Gables Station, a 495-unit Time Life Living residence in Coral Gables, FL, for $430 million.

Robert Given, Troy Ballard and Zach Sackley Cushman & Wakefield represented the sellers, 54 Madison Partners and Nolan Reynolds International.

According to Hines, the acquisition is “the second largest single-asset multifamily sale in South FL,” which the company defines as moving south from and including Orlando.

Gables Station is a 14-story, 1.2-million-square-foot live, work and play development. The residential experience centers around Life Time’s 80,000-square-foot luxury athletic resort, a 25,000-square-foot Life Time Work coworking space and the Life Time Living® residences, including studios, one-, two- and three-bedroom, and penthouse units that are 95% leased.

Since the pandemic, Hines has committed approximately $1.8 billion across three developments and acquisitions in South FL, including FAT Village, a 5.6-acre, 835,000-square-foot, office, retail and residential mixed-use in Fort Lauderdale, and South Flagler House, a condominium featuring two 28-story towers in the West Palm Beach.