Diridon West (formerly Hanover Diridon)
Multifamily property in San Jose, CA · sponsored by Hines
Diridon West (formerly Hanover Diridon) was a DST sponsored by Hines that owned a multifamily property in San Jose, CA (249 units). Its last Form D, filed Apr 1, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Apr 1, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $124,704,388Equity offered, per the Form D
- Sold
- 100%Form D, Apr 1, 2025; the % is our arithmetic
- Investors reported
- Form D, Apr 1, 2025167
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,431,004 · 5.1% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Diridon West (formerly Hanover Diridon). Top1031 is not a broker-dealer.Diridon West (formerly Hanover Diridon) · San Jose, CA · Photo: mercurynews.com
What did the Trust own?
The building was completed in 2021 as Hanover Diridon, a seven-story Class A apartment development at 715 W. Julian Street on the edge of downtown San Jose. 1 Hines Global Income Trust bought it on January 19, 2024 from an unaffiliated seller for a contract price of roughly $117.5 million and rebranded it Diridon West. 1 Willowick Residential, the Hines multifamily management firm, took over day-to-day property management. 1
- Reported location
- San Jose, CA
- Property size
- 249 units
How was it financed, and what did it cost to sell?
Neither Form D on record discloses property-level debt, a lender, or loan terms, and no mortgage record tied to the Trust surfaced in the sources reviewed. Whether the Trust carries a loan, and on what terms, is settled by the offering documents.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $6,431,004 · 5.1% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,893,952 · 2.3% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including Dealer Manager Fees and Organization and Offering Expense which may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 19 named in the Form D
Show the firms
- Ameriprise Financial Services, LLC · CRD 6363
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Avantax Investment Services, Inc. · CRD 13686
- Cambridge Investment Research, Inc. · CRD 39543
- Centaurus Financial, Inc. · CRD 30833
- Cetera Financial Specialists LLC · CRD 10358
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- DFPG Investments, LLC · CRD 155576
- FNEX Capital, LLC · CRD 166316
- Hines Private Wealth Solutions LLC · CRD 128145
- IBN Financial Services, Inc. · CRD 42360
- Morgan Stanley · CRD 149777
- Osaic Wealth, Inc. · CRD 23131
- Private Client Services, LLC · CRD 120222
- Realized Financial, Inc. · CRD 22333
- Somerset Securities, Inc. · CRD 2493
- United Planners' Financial Services of America a Limited Partner · CRD 20804
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 23, 2024
- Minimum investment
- $250,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Hines runs this Trust through its 1031 exchange arm. The Form D names Hines Real Estate Exchange, LLC as sponsor, HREX Multifamily III Depositor, LLC as depositor, and HREX Multifamily III DST Manager, LLC as administrative trustee. 3 The property was sourced from an affiliated Hines vehicle, Hines Global Income Trust, which had acquired it in January 2024. 1 Hines Private Wealth Solutions announced the offering's completion on January 15, 2025. 4
- Sponsor
- Offerings on record
What does the SEC record show?
The first Form D — the short notice an issuer files for an exempt private offering — set the maximum at $128,620,090 with nothing yet sold; the single amendment that followed restated the offering at the amount actually placed. Interests were offered privately to accredited investors, without general advertising.
- Legal Trust name
- HREX Multifamily III, DST
- SEC CIK
- 2012069
- First Form D
- Feb 14, 2024
- Latest Form D
- Apr 1, 2025
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $124,704,388was $128,620,090 | $124,704,388+$124,704,388 | 167 | EDGAR | |
| Form D | $128,620,090 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Diridon West (formerly Hanover Diridon)?
- Diridon West (formerly Hanover Diridon) is a Historical offering. The last Form D, filed Apr 1, 2025, reports the offering fully sold.
- What does an investor in this Trust actually own?
- A beneficial interest in a Delaware statutory trust that holds one asset: Diridon West, a Class A apartment building at 715 W. Julian Street in San Jose, California, completed in 2021. Investors are passive; they do not manage the property or vote on operating decisions.
- Who manages the apartments?
- Willowick Residential, the Hines multifamily property-management firm, was designated to assume property-management responsibilities when Hines Global Income Trust acquired the property in January 2024.
- Does the Trust have a mortgage on the property?
- The public record does not settle it. Neither the February 14, 2024 Form D nor the April 1, 2025 amendment discloses property-level debt or a lender, and no mortgage record tied to the Trust was located. The offering documents and closing documents are where financing is disclosed.
- Can this Trust convert into REIT shares through a 721 exchange?
- The data on record shows no 721/UPREIT exit — the arrangement in which trust interests are eventually contributed to a REIT's operating partnership in exchange for OP units. Investors should read the offering documents for the actual exit mechanics contemplated.
- Why does the property go by two names?
- It was built and operated as Hanover Diridon. When Hines Global Income Trust bought it on January 19, 2024, the property was slated to be rebranded Diridon West, which is the name Hines uses today.
In the news
Sources
Show sources (5)Hide sources (5)
These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.