E2 Apartments; The Alloy
Multifamily property in Evanston, IL · sponsored by Hines
Historical · soldSold Jul 2025, as reported by Hines · last Form D Aug 19, 2025Sponsor source (opens in a new tab)
E2 Apartments; The Alloy was a DST sponsored by Hines that owned a multifamily property in Evanston, IL. Hines sold the property in Jul 2025, as reported by the sponsor.
How it ended
Moved into a REIT, per the REIT's SEC filing
Sold Jul 2025.
- Date
- Jul 18, 2025
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $246,461,623Equity offered, per the Form D
- Sold
- 100%Form D, Aug 19, 2025; the % is our arithmetic
- Investors reported
- Form D, Aug 19, 2025299
- Selling commissions
- Form D Item 15; the % is our arithmetic$12,771,777 · 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 →
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Ask a 1031 specialist about this recordFree. About: E2 Apartments; The Alloy. Top1031 is not a broker-dealer.What did E2 Apartments; The Alloy own?
Hines Global Income Trust, the sponsor's non-traded REIT, sourced both buildings before they were packaged into this Trust. 2 It bought the College Park property in November 2019 as Alloy by Alta and rebranded it The Alloy. 5 It acquired E2 Apartments in Evanston on December 18, 2024. 3 Hines states that it is both owner and property manager at E2. 6
- Reported location
- Evanston, IL
- Property size
- 627 units total (E2: 352 units / 304,041 sq ft; The Alloy: 275 units / 230,362 sq ft)
How was it financed, and what did it cost to sell?
The January 2025 Form D offered equity interests only and did not report debt as part of the security offered. 1 No HREX 6-specific loan balance, lender, or leverage figure appears in the public record; the offering documents are where those terms are set out.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $12,771,777 · 5.1% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $5,747,299 · 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 Expenses which may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 30 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
- Cabin Securities, Inc. · CRD 137608
- Calton & Associates, Inc. · CRD 20999
- Cambridge Investment Research, Inc. · CRD 39543
- Cetera Financial Specialists LLC · CRD 10358
- Cetera Wealth Services, LLC · CRD 13572
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Hines Private Wealth Solutions LLC · CRD 128145
- IBN Financial Services, Inc. · CRD 42360
- Kestra Investment Services, LLC · CRD 42046
- LPL Financial LLC · CRD 6413
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Morgan Stanley · CRD 149777
- Nationwide Planning Associates Inc. · CRD 31029
- Osaic Wealth, Inc. · CRD 23131
- Purshe Kaplan Sterling Investments · CRD 35747
- Realized Financial, Inc. · CRD 22333
- Realta Equities, Inc. · CRD 23769
- Stax Capital · CRD 300607
- The Strategic Financial Alliance, Inc. · CRD 126514
- United Planners' Financial Services of America a Limited Partner · CRD 20804
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jan 17, 2025
- 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 E2 Apartments; The Alloy?
Hines is a privately held global real estate investment, development and management firm, and the Form D names Hines Real Estate Exchange, LLC as the sponsor entity behind this Trust. 1 HREX 6 was the largest DST raised on the Hines Real Estate Exchange platform, and both properties are managed by Hines Living US. Its two assets came out of Hines Global Income Trust, and Hines announced the completed offering on September 8, 2025. 2
- Sponsor
- Offerings on record
What does the SEC record show?
Hines filed the initial notice on January 13, 2025 as a new Form D, reporting that the first sale had not yet occurred and a total offering amount of $255,435,547. 1 A later amendment reduced that total to the final closed size and reported the offering fully sold.
- Legal Trust name
- HREX 6, DST
- SEC CIK
- 2051688
- First Form D
- Jan 13, 2025
- Latest Form D
- Aug 19, 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 | $246,461,623was $255,435,547 | $246,461,623+$246,461,623 | 299 | EDGAR | |
| Form D | $255,435,547 | $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 E2 Apartments; The Alloy?
- E2 Apartments; The Alloy is a Historical offering. Sold Jul 2025, as reported by Hines.
- What does the Trust actually own?
- Two Class A multifamily properties: E2 Apartments in Evanston, Illinois, immediately accessible to Northwestern University, and The Alloy in College Park, Maryland, next to the University of Maryland. Both were sourced by Hines Global Income Trust, the sponsor's non-traded REIT, and are managed by Hines Living US.
- Is there a mortgage on the properties?
- The public record does not say. The January 2025 Form D listed equity as the security offered and reported no debt component, and no HREX 6-specific loan terms, lender, or leverage ratio appear in any filing reviewed. Those terms, if any, would be described in the offering documents.
- Is a 721/UPREIT exit planned?
- Nothing in the filing data records a 721/UPREIT exit — where DST interests are exchanged for operating-partnership units in a REIT — for this Trust. The properties came from Hines Global Income Trust, but no public filing reviewed states a planned conversion.
- How are the buildings performing?
- Hines Global Income Trust reported E2 Apartments 97% leased as of June 30, 2026, and its portfolio update reported The Alloy 97% leased as of the same date. Those are sponsor-reported figures; no independent operating report for the Trust was located.
In the news
Sources
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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.