Minimum investment
$250k
Offering size
$618.4M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Multi-state (2)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
HREX 9, DST is a Delaware statutory trust — the structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by Hines and raising now.1 It holds two existing Class A apartment communities: Life Time Living at Gables Station in Coral Gables, Florida, and Left Bank in Chicago's West Loop. AltsWire, citing Mountain Dell's 2025 year-end review, called it the largest single DST ever offered.2
Occ 12/31/25: Gables Sta 97%, Left Bank 94%; LB bought $151M 11/25; ex-HGIT assets; largest DST ever per AltsWire
Show sources (9)Hide sources (9)
These links support the public record as a whole; 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?
Both communities came out of Hines Global Income Trust, the sponsor's non-traded REIT. That REIT's property page for Gables Station in Coral Gables gives an August 26, 2022 acquisition date.3 The same REIT records Left Bank, in Chicago's West Loop, as acquired November 4, 2025.4 Its 2025 annual report puts the Left Bank contract purchase price at $151.0 million, exclusive of transaction costs and closing prorations.5
- Property address
- 225 South Dixie Highway; 300 North Canal Street, Coral Gables; Chicago, FL, IL
- Property size
- 946 units; approximately 957,847 square feet
Who is the tenant, and what's the lease?
Neither property has a single corporate tenant: both are apartment communities leased to individual residents, so income follows the rent roll and turnover rather than one credit lease. A broker-dealer offering page describes a DST master lease, in which the trust leases the buildings to an affiliated operator that runs them, with a contractual annual rent increase.6
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The Form D says nothing about property-level debt, and no loan, lender, or mortgage tied to this Trust appears in the public filings reviewed, so leverage is recorded here as unknown.1 One broker-dealer offering page describes the Trust as all-cash and debt-free — meaning it would own the buildings outright, with no mortgage to refinance.6
Who's behind it?
Hines sponsors the Trust through Hines Real Estate Exchange, LLC, its 1031 exchange arm. Institutional Real Estate, Inc. reported on June 11, 2026 that the Hines Private Wealth Solutions DST platform had surpassed $1.1 billion in offerings, with HREX 8 the most recently completed at $145 million. CRE Daily reported on August 7, 2026 that Hines Real Estate Exchange ranked second among DST sponsors year to date, at $537.6 million raised and a 9.8% market share.
- Sponsor
- Hines
- Legal Trust name
- HREX 9, 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?
No amendment has followed the Trust's original Form D — the brief public notice of a private offering — which recorded that no first sale had yet occurred.1 Rule 506(b) means interests are sold privately, without general advertising, and only to accredited investors: those meeting the SEC's income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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
Is Life Time Living Coral Gables; Left Bank still raising money?
Top1031 lists Life Time Living Coral Gables; Left Bank as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Life Time Living Coral Gables; Left Bank?
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.
What does HREX 9, DST actually own?
Two existing apartment properties totaling 946 units and roughly 957,847 square feet. One is Life Time Living Coral Gables at 225 South Dixie Highway in Coral Gables, Florida, a 495-unit mixed-use property whose retail space includes Life Time, Trader Joe's, Graziano's and Erba. The other is Left Bank, a 451-unit tower at 300 North Canal Street in Chicago's Fulton Market/West Loop; The Real Deal reported on November 10, 2025 that Hines paid $151 million for the 37-story building, and Hines announced the purchase publicly on December 9, 2025. The December 15, 2025 Form D does not name the properties — the binding property schedule sits in the Private Placement Memorandum, the offering's full disclosure document.
Does the Trust use debt?
The public record does not settle it. The Form D says nothing about property-level financing, and no mortgage or lender tied to this Trust was located in the filings reviewed, so this site records leverage as unknown. A broker-dealer offering page for HREX 9 describes the Trust as all-cash with no in-place financing, but that is distribution material rather than a primary record. The Private Placement Memorandum states the capital structure and any loan terms.
Can this Trust convert into a REIT interest?
The sources disagree, so read the documents. This site's record shows no 721/UPREIT exit — the transaction in which a trust's real estate is contributed to a REIT's operating partnership in exchange for units, after which investors hold REIT units rather than real estate and can no longer complete a further 1031 exchange. A broker-dealer offering page, by contrast, describes a planned mandatory Section 721 contribution into Hines Global Income Trust. Because both buildings came out of that same REIT, ask for the exit and purchase-option provisions in the Private Placement Memorandum in writing.
Who legally owns the buildings today?
Hines Global Income Trust's own property pages present the non-traded REIT as owner of both Gables Station and Left Bank, and its 2025 annual report records the November 2025 Left Bank acquisition as the REIT's, at a $151.0 million contract purchase price exclusive of transaction costs and closing prorations. Because the Trust is the vehicle being offered to exchangers, ask in writing for the title chain, the transfer of each property into the Trust, and the master lease that sits above them.
How full are the buildings?
Reported occupancy varies by source and by as-of date, so match every figure to its date. Occupancy at December 31, 2025 was 97% at Gables Station and 94% at Left Bank. Hines Global Income Trust's property pages report Gables Station 99% leased as of June 30, 2026 and Left Bank 97% leased as of March 31, 2026 — different measurement dates that should not be read as one simultaneous portfolio figure. A broker-dealer offering page reports underwriting occupancy of 98.6% at Coral Gables and 94.7% at Left Bank. Apartment occupancy moves month to month with turnover and lease expirations, so ask for a current rent roll and the as-of date behind any number a broker quotes.
What is the minimum investment, and who can buy?
The Form D filed December 15, 2025 reports a $250,000 minimum investment and a Rule 506(b) offering, meaning interests are sold privately, without general solicitation, and only to accredited investors — those meeting the SEC's income or net-worth tests. Sponsors and selling broker-dealers can set higher minimums than the filing states, so confirm the figure in the Private Placement Memorandum and the subscription documents.
Chapter 9DST Sales Surpass $8.4 Billion in 2025, According to Mountain DellAltsWire cites Mountain Dell's 2025 year-end review noting HREX 9 DST as a nearly $618.4 million offering — the largest single DST ever offered. Hines Pays $151 Million for Chicago West Loop ApartmentsTRD reports Hines paid $151M to acquire the 37-story Left Bank tower in Chicago's West Loop — the Illinois component of the upcoming HREX 9 DST.