Hines Private Wealth Solutions LLC has closed HREX 9, DST, a Delaware statutory trust offering of about $591 million backed by two multifamily properties in Coral Gables, Fla., and Chicago. It is the largest DST the firm has completed. That number says more than any press release.

Both assets were sourced from Hines Global Income Trust, or HGIT, a nontraded real estate investment trust sponsored by Hines. I read this as Hines transferring properties from one of its vehicles to another, which shifts the investor base and the fee stream. The offering is roughly four times the size of HREX 8, DST, a $145 million offering that closed in June.

HREX 9 launched in December 2025 with a $250,000 minimum investment and originally sought to raise about $618.4 million from accredited investors. Hines said it has raised more than $1.9 billion since launching its Hines Real Estate Exchange platform in 2022.

The DST owns two properties totaling 946 units and more than 957,000 square feet of rentable space. Gables Station is a 495-unit apartment community in Coral Gables that includes a Life Time fitness center and a Trader Joe’s. Left Bank is a 451-unit apartment community in Chicago’s Fulton Market/West Loop area.

HGIT bought Gables Station for $429.4 million in 2022. HGIT acquired Left Bank in November 2025 for about $151 million, exclusive of transaction costs and closing prorations. As of Dec. 31, 2025, average effective monthly rent was $4,306 per unit at Gables Station and $2,735 at Left Bank, according to HGIT’s annual report.

Hines said HGIT had a gross asset value of about $7.29 billion as of Sept. 30. That figure includes properties held in its DST program. Earlier this month, AltsWire reported that HGIT bought three U.S. properties for about $525.3 million in Atlanta, Dallas, and Columbus, Ohio.

Like earlier HREX offerings, HREX 9 allowed investors to complete a like-kind exchange under Internal Revenue Code Section 1031 and defer capital gains taxes. Hines manages about $91 billion in assets for institutional and private wealth clients.

Easy to announce, harder to underwrite.