Hines Global Income Trust (HGIT), an investment arm of global real estate firm Hines, acquired Gables Station, a 14-story multi-family complex designed by Gensler and located at 225 South Dixie Highway in Coral Gables,for $430 million. The development, which completed construction last year, features 495 Life Time Living® residences. This acquisition is the second largest single-asset multifamily sale in South Florida, reaffirming HGIT’s and Hines’ bullish stance on the future of the market. Since the pandemic, Hines has committed approximately $1.8 billion across three prime developments and acquisitions in South Florida. Willowick Residential, Hines’ boutique multifamily property management firm, will assume the role as property manager for the asset.
Gables Station is a 1.2-million-square-foot upscale live, work and play development located in the burgeoning Coral Gables neighborhood and was developed by 54 Madison Partners and Nolan Reynolds International. Life Time® conceptualized its fully integrated residential experience which centers around Life Time’s 80,000-square-foot luxury athletic resort, a 25,000-square-foot Life Time Work coworking space and the Life Time Living® residences, including studios, one-, two- and three-bedroom, and penthouse units, which are 95% leased. Life Time Living sits in one of the most coveted areas of Miami, directly adjacent to Shops at Merrick Park, and minutes from downtown Coral Gables and Coconut Grove. The complex provides quick and convenient commute options to residents and strong transit connectivity with a less than 10-minute walk to the Douglas and University of Miami Metrorail Stations, which offers direct access to MiamiCentral, the hub for all train systems in South Florida.
Gables Station. Credit: Hines Global Income Trust.
The property also features a full-service LifeSpa, three resort-style pools, a full-service LifeCafe, and a Kids Academy. Life Time will continue to manage the athletic club, coworking and amenity spaces.
“In the midst of historic economic growth in South Florida, the Gables Station investment represents a unique opportunity to capitalize 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,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “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.”
Credit: Hines Global Income Trust.
Residents also have access to an exceptionally curated retail mix including Trader Joe’s and Erba, an Italian-restaurant by Alpareno Group’s Niven Patel, who is a four-time nominee for a James Beard Award, as well as Graziano’s, a high-end specialty foods market within the development. In addition, the complex is next to the Shops at Merrick Place, a 750,000-square-foot open-air retail village anchored by Neiman Marcus and Nordstrom.
Credit: Hines Global Income Trust.
Credit: Hines Global Income Trust.
“Along with Hines, we embrace placemaking as a core strategy with the goals of promoting health, happiness, wellbeing and convenience for the local community,” said Parham Javaheri, chief property development officer at Life Time. “Along with our development partners, we envisioned just that with the design and construction of Gables Station to serve the vibrant Coral Gables neighborhood, providing a hub for people who prioritize living healthier and traveling smarter. We see this as an incredibly well-positioned multifamily asset to meet the needs of the rapidly growing resident population in the market.”
Credit: Hines Global Income Trust.
Credit: Hines Global Income Trust.
Including Gables Station, HGIT has $3.8 billion portfolio of commercial real estate investments that is nearly two-thirds weighted toward the living and industrial sectors. HGIT is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.
Gables Station is another milestone acquisition in the Hines Southeast region portfolio, which totals over 10.3 million square feet that the firm owns or manages. Additional projects in development in South Florida include FAT Village (Food, Art, Technology), a 5.6-acre, 835,000-square-foot, office, retail and residential mixed-use urban village in Fort Lauderdale’s Flagler Village neighborhood which will feature one of Hines’ proprietary timber office buildings; and South Flagler House, a Robert A.M. Stern designed boutique ultra-luxury condominium project featuring two 28-story towers in the West Palm Beach.
This transaction was led by Michael Harrison, senior managing director and Juan Jacobus, director at Hines. Cushman & Wakefield represented the seller.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "Hines Acquires Life Time Living-Branded 495-Unit Gables Station Residential Complex In Coral Gables"