Hines Global Income Trust Inc. recently acquired the 312-apartment 99 West Paces tower in Buckhead. The nontraded real estate investment trust paid approximately $240 million for the community, according to real estate data provider Groundbreak.Atlanta. 

The purchase was one of three recent HGIT acquisitions valued at over $500 million in Atlanta, Dallas and Columbus, Ohio. 

The other properties include the Bish­op Arts Port­fo­lio in Dal­las, which is a mixed-use prop­er­ty with 539 apartments and 49,000-square-feet of high-street retail, and Cast­ings Com­merce Cen­ter in Colum­bus, which is an 862,000-square-foot indus­tri­al portfolio. 

“We believe that togeth­er, these acqui­si­tions reflect HGIT’s dis­ci­plined approach to invest­ing in high-qual­i­ty assets at the right basis in mar­kets with durable demand,” said Alfon­so Munk, glob­al co-head of invest­ment man­age­ment at Hines. “We believe they add scale and diver­si­fi­ca­tion across liv­ing, mixed-use and indus­tri­al, while allow­ing Hines to apply its local mar­ket knowl­edge and oper­at­ing exper­tise to sup­port long-term performance.”  

99 West Paces is next to the Buck­head Vil­lage retail district and with­in walk­ing dis­tance of Whole Foods, the St. Reg­is, Tuxe­do Park and the Chero­kee Town & Coun­try Club. The tower stands 13 stories tall and opened in 2023. It is approx­i­mate­ly 95% leased and offers ameni­ties like a well­ness club and fit­ness cen­ter, pet spa, cowork­ing spaces and sky lounge. Its purchase marks HGIT’s entry into the Atlanta mul­ti­fam­i­ly market. 

“Selec­tiv­i­ty mat­ters more than ever. Across liv­ing, mixed-use and indus­tri­al, our focus is on indi­vid­ual build­ings and sub­mar­kets where leas­ing, ten­ant demand and sup­ply con­di­tions are mov­ing in the right direc­tion,” said Ray Lawler, head of Amer­i­c­as at Hines. “We believe these assets reflect our strat­e­gy of iden­ti­fy­ing high-qual­i­ty prop­er­ties where local demand, dif­fer­en­ti­at­ed posi­tion­ing and active own­er­ship can sup­port long-term per­for­mance.” 

Michael Har­ri­son and Vikram Mehra of Hines’ U.S. Sun­belt team led this acquisition.