Hines closes record $591M DST, its largest to date
What's the deal? HinesDealroom has a profile for this one. Try Dealroom → has completed HREX 9 DST, a roughly $591 million Delaware Statutory Trust offering and its largest ever, the firm announced on October 20, 2026. The vehicle gives qualified investors exposure to two multifamily properties: Gables Station in Coral Gables, Florida, and Left Bank in Chicago.
The details: The two assets total 946 units and more than 957,000 square feet in walkable urban markets. Both were sourced from the portfolio of Hines Global Income Trust, a non-listed real estate investment trust valued at about $7.29 billion as of September 30, 2026.
Why now? The offering is structured to let investors execute Section 1031 like-kind exchanges, deferring capital gains and other taxes. That appeals to property sellers seeking tax-deferred swaps — a driver behind a fast-growing DST market that saw an estimated $8.4 billion raised in 2025.
What's the endgame? The raise brings Hines Real Estate Exchange capital raised since 2022 to over $1.9 billion. Hines, a global real assets platform founded in 1957, manages roughly $91 billion in assets across 29 countries, and said the fundraise reflects its conviction in US living sectors amid constrained new supply.
The signal: Industry tracker Mountain Dell billed HREX 9 as the largest DST offering brought to market. Its close — below an original target of about $618 million — signals strong demand for large, institutionally sponsored offerings, even as Hines trails market leader Ares.
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