A non-listed global real estate investment trust managed by Hines has bought a 1.2m sqft multifamily asset in the US for $430m (€416m).

Hines said the Hines Global Income Trust (HGIT) has acquired Gables Station a 14-storey asset in Miami, Florida developed by 54 Madison Partners and Nolan Reynolds International.

Willowick Residential, a boutique multifamily property management firm owned by Hines, will assume the role of property manager for the asset which features 495 Life Time Living residences.

Alfonso Munk, Hines’ CIO of the Americas and president of HGIT, said: “In the midst of historic economic growth in South Florida, the Gables Station investment represents a unique opportunity to capitalise on our strategy to grow our multifamily portfolio by acquiring a world-class, generational asset in a highly desirable location with high barriers to entry for new development.

“As South Florida continues to attract more corporations and the demand for luxury mixed-use, transit-oriented developments continues to increase, we are confident that this asset will contribute to the HGIT portfolio’s success.”

The deal is the second-largest single-asset multifamily sale in South Florida.

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