Hines Places Multifamily on the Sales Block

WaterWall Place, Hines’ anchor development project for its multifamily platform, is on the market. Hines Global REIT Inc. owns a 93% interest in the 322-unit luxury apartment complex at 2801 WaterWall Dr. in Houston. The property has a 93.5% occupancy rate, with a 71% renewal rate.

Hines retained Todd Marix, Matt Kafka, Todd Stewart and Chris Curry in HFF’s Houston office to market the property. Earlier in the year, Hines Global REIT reportedly hired Lazard Ltd. to consult on selling assets in the REIT’s portfolio. Hines has multifamily projects in three other neighborhoods.

“WaterWall Place is a very special project for us,” said Gerald Hines, founder and chairman of Hines. “It was the anchor project for our new multifamily platform, so we worked hard to make it timeless and appealing to discerning renters.”

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