- Hines Global Income Trust paid $170.5M for a nine-building, roughly seven-acre Bishop Arts portfolio in Dallas with 539 apartments and about 49K SF of retail.
- The apartments were 95% leased and the retail 98% leased at closing, and nearly all properties were most recently owned by an entity tied to Exxir Capital.
- The deal lifts Hines’ Dallas holdings to nearly $1.4B and was part of a more than $525M nationwide purchase series for the REIT.
Hines acquired a nine-building Bishop Arts portfolio in Dallas for $170.5M, according to Bisnow, citing an Aug. 31 filing with the U.S. Securities and Exchange Commission.
The Houston-based firm bought the roughly seven-acre portfolio through Hines Global Income Trust. It includes 539 multifamily units and about 49K SF of retail.
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What Hines Bought
The residential properties are the 246-unit Bishop North, the 141-unit Bishop Canopy, the 34-unit Treehaus and the 118-unit Bishop Flats. Together they total around 438K SF of leasable space and were 95% leased at closing.
The retail properties sit along Bishop Avenue and West Ninth and Melba streets. They were 98% leased when the deal closed.
Buyer, Seller and Strategy
Corbin Eckel, Will Renner and Michael Harrison of Hines’ U.S. Sun Belt team led the acquisition. Eckel said Bishop Arts reflects the walkable, mixed-use environment that attracts residents, retailers and visitors.
The seller was not disclosed. Dallas Central Appraisal District records show nearly all the properties were most recently owned by Bishop Arts LLC, which is owned by Dallas-based Exxir Capital, a development and hospitality firm headquartered in the district.
Part of a $525M Spree
The Dallas portfolio was part of a more than $525M nationwide purchase series for the REIT. The filing also covers a multifamily tower in Atlanta and an 862K SF industrial portfolio in Columbus, Ohio, which cost $117M.
Why It Matters
Hines now manages nearly $1.4B in Dallas assets, including the 344-unit The Victor in Victory Park and the Maple Terrace mixed-use development in Uptown. Maple Terrace has 345 apartments, 157K SF of office space and 15K SF of restaurants.
The buy comes as Bishop Arts rents have been soft, since Bishop Arts rents have stayed flat as concessions climb. By contrast, Uptown Dallas rents have held up better than the metro.
What’s Next
Hines also recently named a new co-CEO as part of a generational leadership shift. Jeffrey Hines will step down at year-end to become chairman, and Adam Hines will join Laura Hines-Pierce, who has served as co-CEO since 2022.
