Top1031

EMME

Multifamily property in Chicago, IL · sponsored by Hines

Historical · soldSold Mar 2024, as reported by Hines · last Form D Mar 26, 2024Sponsor source (opens in a new tab)

EMME was a DST sponsored by Hines that owned a multifamily property in Chicago, IL. Hines sold the property in Mar 2024, as reported by the sponsor.

How it ended

Moved into a REIT, per the REIT's SEC filing

Sold Mar 2024.

Date
Mar 6, 2024

Sponsor document (opens in a new tab)

Key facts

Minimum investment
$250,000
From the Form D
Offering size
$79,850,836
Equity offered, per the Form D
Sold
100%
Form D, Mar 26, 2024; the % is our arithmetic
Investors reported
94
Form D, Mar 26, 2024
Selling commissions
$3,992,542 · 5.0% of offering
Form D Item 15; the % is our arithmetic
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: EMME. Top1031 is not a broker-dealer.

What did EMME own?

Sterling Bay developed EMME as a Class A rental tower in Chicago's West Loop/Fulton Market. Hines Global Income Trust acquired the 14-story building on June 21, 2023, reporting a net purchase price of approximately $72.6 million excluding transaction costs and closing prorations. 2 Hines said Willowick Residential, its multifamily property-management firm, would take over management. 1 The building's owner later reported it fully leased as of June 30, 2026. 3

Reported location
Chicago, IL
Property size
199 units, 134,908 sf

How was it financed, and what did it cost to sell?

The trust's Form D filings and Hines's public announcements do not identify a lender or mortgage on EMME, so whether the trust carries debt is not established in the public record. A DST's offering documents would set out any loan terms.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$3,992,542 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,796,643 · 2.2% of offering
Form 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
17 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Sep 20, 2023
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.

What does the SEC record show?

The trust reported September 20, 2023 as the date of its first securities sale. 8 Two amendments followed: the first recorded a partial raise, the second reported the offering fully sold. It was placed privately, without general advertising, with purchases limited to accredited investors — people meeting SEC income or net-worth tests.

Legal Trust name
HREX Multifamily I, DST
SEC CIK
1993405
First Form D
Sep 13, 2023
Latest Form D
Mar 26, 2024
Filings on record
3
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$79,850,836was $79,850,837
$79,850,836+$34,462,290
94+43
EDGAR
Form D/A$79,850,837
$45,388,546+$45,388,546
51
EDGAR
Form D$79,850,837
$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 EMME?
EMME is a Historical offering. Sold Mar 2024, as reported by Hines.
What does the trust own?
A single property: EMME, a 14-story Class A apartment tower at 165 N. Des Plaines Street in Chicago's West Loop/Fulton Market submarket. Sterling Bay originally developed it, and Hines Global Income Trust acquired it on June 21, 2023.
Is the property leveraged?
The public record reviewed does not establish it. Neither the trust's Form D filings nor Hines's announcements identify a mortgage, lender or loan balance tied to the DST. Investors in the offering would have received those terms in the offering documents.
Who is the tenant?
There isn't one. EMME is a 199-unit apartment building, so income comes from many individual residential leases rather than a single corporate tenant. Hines reported the property 96% leased as of September 30, 2023, and its owner reported it fully leased as of June 30, 2026.
Why do published offering sizes for this DST differ?
Hines and trade press described the completed offering as a $77 million private placement in March 2024, while the trust's Form D amendments report a different total offering amount. The two figures come from different sources and are not interchangeable; the Form D figures appear in this record's filing data.

In the news

Sources

Show sources (9)Hide sources (9)

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.