(MINNEAPOLIS) – Hines, the international real estate firm, today announced the expansion of its multifamily portfolio with the addition of OX-OP and Gibson Apartments, two multifamily assets in Minneapolis, MN. This deal was facilitated by Grandbridge Real Estate Capital, LLC but financial details were not disclosed.
OX-OP is 153-units located in the Downtown East neighborhood of Minneapolis; Gibson is 159-units located in Northeast Minneapolis. The buildings are well located with adjacent complementary retail, dining and entertainment and offer on-site parking, exceptional rooftop terraces and highly functional amenity spaces. Both projects opened in mid-2020 and are 98% leased.
“We continue to seek high quality assets in strategic markets with strong fundamentals that have the potential to provide outsize rental growth for our income focused core plus strategy,” said Sargent Johnson, managing director at Hines. “We believe these two assets are well positioned to benefit from the growing job base in Minneapolis and the surrounding markets.”
Both assets will be managed by Willowick Residential (“Willowick”), Hines’ boutique multifamily property management firm. Founded in 2019, Willowick currently manages over 6,500 units. Hines launched its U.S. multifamily platform in 2011. Since then, the firm has invested nearly $2.3 billion in the product type and completed 32 apartment communities representing 10,401 units. Hines has an additional 29 projects underway representing 12,469 units.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About Willowick Residential
Willowick Residential, a subsidiary of Hines, the international real estate firm, is a multifamily property management firm. The firm was founded to provide a tailored, bespoke alternative for asset/property management. Willowick is small and agile but powered by a significant amount of experience and a commitment to being the best in an industry ready for a premier service provider. Launched in early 2020, Willowick Residential is currently managing the following Hines properties: Maple Terrace and The Victor, Dallas; Venue Museum District and Tinsley on the Park, Houston; Wolf Point East and Wolf Point West, Chicago; The Rosemary, Tomball, TX; Stone Loch, Humble, TX; and Alys Crossing, Cypress, TX.