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Hines Continues Multifamily Expansion with Tinsley Park Deal

Global Firm Adds 365-Unit Broadstone Tinsley Park to Local Holdings, Now Owns 4 Communities in Houston
May 7, 2018
Hines, a private Houston-based developer known for its work on iconic projects like Williams Tower and 609 Main Street, has acquired Broadstone Tinsley Park from Crow Holdings for an undisclosed price. The complex at 919 Gillette St. is a 365-unit, 311,290-square-foot luxury multifamily community in Downtown.

As part of the deal, done through Tinsley Park Owner LP, a wholly owned subsidiary of Hines, the community was renamed Tinsley On The Park. Greystar, which manages Hines’ multifamily assets, will manage the property.

Developed by Alliance Residential, Broadstone Tinsley Park began pre-leasing in 2016 and opened last year. The complex is currently 23.3 percent vacant, according to the latest CoStar research.

In April 2015, Alliance Residential purchased the land from the city of Houston for $39.9 million. The apartment units, which wrap around a parking garage, have hardwood floors, tall ceilings and gas appliances. Common-area amenities include a pool, courtyards, a dog park and a rooftop sky deck overlooking downtown Houston. A two-level glass clubhouse offers a fitness center and sky lounge. In addition to its adjacency to Tinsley Park, the project is in close proximity to Buffalo Bayou Park, which recently underwent a $58 million renovation.

Hines Multifamily has been a growing part of the developer's business, now with 39 projects completed or underway. In Houston, Hines owns Aris Market Square, The Southmore and its flagship, WaterWall Place.

Hines' latest multifamily endeavor in Houston is the Residences at La Colombe d’Or, a joint venture with TH Real Estate, an affiliate of Nuveen - the investment arm of TIAA - and the Zimmerman family. Muñoz + Albin designed the 285-unit luxury high-rise, located in the Montrose/Museum District neighborhood of Houston, with interiors by Rottet Studio. The 34-story Residences at La Colombe d’Or will connect to the neighboring historic hotel. Construction on the residential tower is scheduled to be completed in 2020.

For The Record:
- Adam Allen of ARA, A Newmark Company brokered the sale for Crow Holdings.

For more information on the transaction, please see CoStar Comp #4178167.
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