Hines Sells Luxury Multifamily Asset in Houston

Greystar will stay on as manager

(HOUSTON) — Hines, the international real estate firm, announced today the sale of WaterWall Place, a luxury multifamily community in Houston’s Uptown District, to HASTA Capital. The HFF investment advisory team representing Hines included senior managing director Todd Marix and managing director Chris Curry. Financials on the deal were not disclosed.

The seven-story, 322-unit residential project is situated in the heart of Uptown Houston, centered among the Gerald D. Hines Water Wall Park, the iconic Williams Tower and The Galleria. Designed by Jackson & Ryan Architects in collaboration with Wallace Garcia Wilson Architects, the 316,287-square-foot signature project was Hines’ first multifamily development in Houston and was completed in 2014.

Kevin Batchelor, Hines senior managing director, said, “WaterWall Place was a significant project for us and the property provides the buyer a first-class asset with an exceptional location. The project’s premier setting, along with its architectural design and amenities, has resulted in attracting a very affluent renter profile and a successful lease-up with rents above pro forma.”

Since creating the firm’s Multifamily division in 2011, Hines has developed a portfolio of 15,186 units in 37 projects in 25 cities across the U.S., including traditional garden-style apartments, urban mid rises and luxury towers.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.