Key Takeaways
- • Hines Securities successfully closed a $77 million Delaware Statutory Trust (DST) offering for EMME, a 14-story, 199-unit Class A multifamily property in Chicago's West Loop, completing full subscription as of March 6, 2024.
- • EMME was 96% leased as of September 30, 2023, and was acquired by Hines Global Income Trust in June 2023 for a net purchase price of $74.5 million, demonstrating strong asset fundamentals at acquisition.
- • The DST offering targeted 1031 exchange investors with projected returns in the 9.91%–10.54% range, aligning with Hines' institutional capital raising strategy for multifamily real estate.
- • As of June 30, 2025, Hines Global had raised cumulative net offering proceeds of $901.7 million through its DST program across eight properties, positioning the EMME transaction within a broader diversified multifamily portfolio strategy.
Summary
Hines Securities completed the full subscription of a $77 million Delaware Statutory Trust (DST) offering on March 6, 2024, centered on EMME, a premium multifamily asset located in Chicago's West Loop. The offering achieved full capitalization, providing investors with a qualified 1031 exchange vehicle while generating institutional-grade real estate exposure.
EMME represents a high-quality multifamily acquisition executed by Hines Global Income Trust, which purchased the 14-story, 199-unit Class A development in June 2023 at a net acquisition price of $74.5 million. The property demonstrated strong operational metrics, achieving 96% occupancy as of September 30, 2023, reflecting robust demand in the Chicago multifamily market and the quality of the underlying asset.
The DST structure enabled individual investors to defer capital gains taxes through 1031 exchanges while maintaining passive real estate exposure. The offering projected returns within a 9.91%–10.54% range, positioning it competitively within the institutional multifamily investment landscape during a period of elevated interest rates and capital selectivity.
This transaction reflects Hines' ongoing success in aggregating institutional capital through its DST program. As of June 30, 2025, Hines Global had raised cumulative net offering proceeds of $901.7 million across eight DST properties, demonstrating consistent investor demand for professionally managed, income-producing multifamily assets. The EMME offering represents a component of Hines' diversified real estate investment strategy, particularly targeting tax-deferred capital and institutional allocations to stabilized multifamily properties in primary markets.
EMME represents a high-quality multifamily acquisition executed by Hines Global Income Trust, which purchased the 14-story, 199-unit Class A development in June 2023 at a net acquisition price of $74.5 million. The property demonstrated strong operational metrics, achieving 96% occupancy as of September 30, 2023, reflecting robust demand in the Chicago multifamily market and the quality of the underlying asset.
The DST structure enabled individual investors to defer capital gains taxes through 1031 exchanges while maintaining passive real estate exposure. The offering projected returns within a 9.91%–10.54% range, positioning it competitively within the institutional multifamily investment landscape during a period of elevated interest rates and capital selectivity.
This transaction reflects Hines' ongoing success in aggregating institutional capital through its DST program. As of June 30, 2025, Hines Global had raised cumulative net offering proceeds of $901.7 million across eight DST properties, demonstrating consistent investor demand for professionally managed, income-producing multifamily assets. The EMME offering represents a component of Hines' diversified real estate investment strategy, particularly targeting tax-deferred capital and institutional allocations to stabilized multifamily properties in primary markets.
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