Montrose Collective
Mixed-use retail property in Houston, TX · sponsored by Hines
Historical · soldSold Jun 2026, as reported by Hines · last Form D Apr 22, 2026Sponsor source (opens in a new tab)
Montrose Collective was a DST sponsored by Hines that owned a mixed-use retail property in Houston, TX (189,212 sq ft). Hines sold the property in Jun 2026, as reported by the sponsor.
How it ended
Moved into a REIT, per the REIT's SEC filing
Sold Jun 2026.
- Date
- Jun 9, 2026
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $145,301,176Equity offered, per the Form D
- Sold
- 100%Form D, Apr 22, 2026; the % is our arithmetic
- Investors reported
- Form D, Apr 22, 2026182
- Selling commissions
- Form D Item 15; the % is our arithmetic$7,584,906 · 5.2% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries 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: Montrose Collective. Top1031 is not a broker-dealer.What did Montrose Collective own?
Montrose Collective opened in 2022, built by Radom Capital with construction financing arranged in 2020. 1 The project pairs roughly 100,000 square feet of office space with about 50,000 square feet of street-level retail. Hines Global Income Trust bought it in 2025 for about $137.6 million, roughly $728 per square foot — a Houston price record at the time, per The Real Deal. 2 HREX 8, DST holds the asset, sourced from that Hines affiliate. 3
- Property address
- 888 Westheimer Road, Houston, TX
- Property size
- 189,212 sq ft (mixed-use retail/office)
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Public filings for this Trust do not disclose whether it carries mortgage debt; a Form D reports offering size, not loan terms. A 2024 refinancing of Montrose Collective through Prime Finance, arranged by JLL, predates Hines's ownership. 1 Any debt terms would sit in the offering documents.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $7,584,906 · 5.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,413,207 · 2.3% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 11 named in the Form D
Show the firms
- Ameriprise Financial Services, LLC · CRD 6363
- Cetera Investment Services LLC · CRD 15340
- Cetera Wealth Services, LLC · CRD 13572
- Commonwealth Financial Network · CRD 8032
- DFPG Investments, LLC · CRD 155576
- Hightower Securities, LLC · CRD 116681
- Hines Private Wealth Solutions LLC · CRD 128145
- Independent Financial Group, LLC · CRD 7717
- LPL Financial LLC · CRD 6413
- Morgan Stanley · CRD 149777
- Osaic Wealth, Inc. · CRD 23131
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 26, 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 Montrose Collective?
Hines sponsors this Trust through Hines Real Estate Exchange, LLC, with HREX 8 Depositor, LLC as depositor and HREX 8 DST Manager, LLC as administrative trustee. 6 Its investor-facing arm, Hines Private Wealth Solutions, said on June 9, 2026 that completing this offering carried its Delaware statutory trust program past $1.1 billion across eight offerings. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust's first Form D — the short notice an issuer files with the SEC for an exempt private offering — reported a $151,698,113 offering on September 22, 2025, before any sales had occurred. 5 The amendment filed April 22, 2026 restated the offering at a smaller size and closed the raise out. 6
- Legal Trust name
- HREX 8, DST
- SEC CIK
- 2087374
- First Form D
- Sep 22, 2025
- Latest Form D
- Apr 22, 2026
- 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 | $145,301,176was $151,698,113 | $145,301,176+$145,301,176 | 182 | EDGAR | |
| Form D | $151,698,113 | $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 Montrose Collective?
- Montrose Collective is a Historical offering. Sold Jun 2026, as reported by Hines.
- What does the Trust actually own?
- Montrose Collective, a mixed-use retail and office property at 888 Westheimer Road in Houston's Montrose district. Hines reported that HREX 8, DST owns the asset and sourced it from Hines Global Income Trust, the affiliate that acquired the property in 2025 for about $137.5 million.
- Is there a single tenant behind the rent?
- No. Hines Global Income Trust's property page lists more than a dozen retail, restaurant and office tenants — among them Uchi, Live Nation, Reformation, Mejuri, Brilliant Earth and The RealReal — and reported the property 97% leased as of June 30, 2026. Cash flow depends on many leases rolling at different times, not one credit tenant.
- Does the Trust use mortgage debt?
- The public record does not say. A Form D discloses offering size, investor counts and commissions, not loan terms, and no located primary filing states a loan balance, maturity or loan-to-value for this Trust. JLL announced a 2024 refinancing of Montrose Collective through Prime Finance, but that was arranged for the prior ownership and predates Hines's purchase. An investor reviewing this structure would look to the offering documents for debt terms.
- Could this Trust roll into a REIT at the end?
- The record for this Trust shows no 721/UPREIT exit — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units instead of being sold for cash. The property was sourced from an affiliated Hines vehicle, but no filing reviewed here describes a planned REIT contribution.
In the news
Sources
Show sources (7)Hide sources (7)
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.