Minimum investment
$250k
Offering size
$124.7M
How much has sold
100.0%
Asset type
Multifamily property
Location
San Jose, CA
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
HREX Multifamily III, DST is a Delaware statutory trust — a passive co-ownership structure whose interests qualify for 1031 exchanges — sponsored by Hines and holding Diridon West, a Class A apartment building in San Jose, California, completed in 2021. It is closed to new investors: Hines Private Wealth Solutions announced the offering's completion on January 15, 2025.4
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
There is no single tenant: income comes from residents on individual apartment leases, so occupancy turns over continuously rather than resting on one long-term contract. Hines Global Income Trust's property page listed Diridon West at roughly 197,774 square feet and 98% leased as of June 30, 2026.2
How did it end?
Closed to new investment · still operating
No disposition evidence found; HGIT's Diridon West property page is active 'as of March 31, 2026' and the Jan 15, 2025 Hines press release announces only the completion of the $124.7M DST offering (not a sale), per hinesglobalincometrust.com/properties/diridon-west.
Diridon West (formerly Hanover Diridon) is a 7-story, 249-unit Class A multifamily development completed in 2021 at 717 West Julian St, San Jose, CA 95126; ~197,774 sf; trophy-quality asset acquired by Hines in 2024 for $117.5M; HREX Multifamily III DST completed at $124.7 million on Jan 15, 2025; sponsor: HREX Multifamily III Depositor, LLC (Hines).
249 unitsSupporting evidence
Counted on Hines’s Record Card as: Still operating Document
How is it financed, and what does it pay?
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 PPM — the private placement memorandum that governs the offering.
Who's behind it?
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
- Hines
- Legal Trust name
- HREX Multifamily III, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 10 total offerings from Hines
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Diridon West (formerly Hanover Diridon)?
Top1031 lists Diridon West (formerly Hanover Diridon) as historical. It is no longer raising money.
Where does Top1031 get the data for Diridon West (formerly Hanover Diridon)?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in this Trust?
No. HREX Multifamily III, DST is fully subscribed and closed to new investors. Hines Private Wealth Solutions announced the completion of the offering on January 15, 2025, and the Trust's Form D amendment of April 1, 2025 reports nothing remaining.
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 PPM 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 PPM 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.
Chapter 9Hines Announces $292 Million in Acquisitions by Hines Global Income Trust and Completion of $124.7-Million DST OfferingHines Private Wealth announced successful completion of the $124.7 million HREX Multifamily III DST that owns Diridon West, a Class A multifamily asset in San Jose. Hines Private Wealth completes $124.7m DST offeringIREI reported that Hines Private Wealth Solutions completed the $124.7M HREX Multifamily III DST owning Diridon West in San Jose. Hines Global Acquires $117.5 Million California Multifamily AssetHines acquired Hanover Diridon (the underlying property) in San Jose for $117.5 million, prior to formation of the DST. HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, CaliforniaTrade-press coverage of HGIT's acquisition of the 249-unit Hanover Diridon property (to be rebranded Diridon West) at 715 W. Julian St. in San Jose. Downtown San Jose apartments are bought, deal points to wobbly marketMainstream-news article covering the $117.5 million acquisition of the 249-unit Diridon West apartment building at the corner of Stockton Avenue and West Julian Street in San Jose. Hines buys Hanover Diridon luxury multifamily residential project for $117.5MLocal business-journal article reporting that Hines (via HGIT) acquired the 249-unit Hanover Diridon (later rebranded Diridon West) at 715 W. Julian St. in San Jose for $117.5 million.