Hines announces second largest single-asset multifamily sale in South Florida
Hines Global Income Trust (HGIT) has acquired Gables Station in Miami, which features 495 Life Time Living® residences.
The acquisition is the second largest single-asset multifamily sale in South Florida. According to The Real Deal, the price of acquisition was $430 million.
Gables Station is a 14-story, 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 ® (NYSE: LTH), the nation's premier healthy lifestyle brand, 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 percent leased. Deemed as one of the “most walkable suburbs in the country”