The Emerson
Multifamily property in Centreville, VA · sponsored by Hines
Historical · soldSold Sep 2024, as reported by Hines · last Form D Apr 1, 2025Sponsor source (opens in a new tab)
The Emerson was a DST sponsored by Hines that owned a multifamily property in Centreville, VA. Hines sold the property in Sep 2024, as reported by the sponsor.
How it ended
Moved into a REIT, per the REIT's SEC filing
Sold Sep 2024.
- Date
- Sep 23, 2024
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $133,753,937Equity offered, per the Form D
- Sold
- 100%Form D, Apr 1, 2025; the % is our arithmetic
- Investors reported
- Form D, Apr 1, 2025197
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,687,697 · 5.0% 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: The Emerson. Top1031 is not a broker-dealer.What did The Emerson own?
The Emerson was developed by JLB Partners with Crow Holdings and was still leasing up when Hines Global Income Trust bought it on January 24, 2020. 1 Hines reported the community 67% leased and 65% occupied at the acquisition announcement. 3 It sits in Centreville, in Fairfax County, roughly 21 miles west of Washington, D.C., with studio through three-bedroom floor plans averaging 925 square feet. Willowick Residential was named property manager in August 2021. 4
- Reported location
- Centreville, VA
- Property size
- 355 units, 328,341 sf
How was it financed, and what did it cost to sell?
The record does not establish how The Emerson is financed: no lender, loan balance, or loan terms for this Trust appear in the Form D filings or the reviewed sponsor materials, so whether the property carries a mortgage is undocumented here.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $6,687,697 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,121,578 · 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
- 20 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Avantax Investment Services, Inc. · CRD 13686
- Cetera Financial Specialists LLC · CRD 10358
- Cetera Wealth Services, LLC · CRD 13572
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- Crescent Securities Group, Inc. · CRD 114993
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Hines Private Wealth Solutions LLC · CRD 128145
- Independent Financial Group, LLC · CRD 7717
- Morgan Stanley · CRD 149777
- Osaic Wealth, Inc. · CRD 23131
- Private Client Services, LLC · CRD 120222
- Realized Financial, Inc. · CRD 22333
- Securities America, Inc. · CRD 10205
- 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 5, 2024
- 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 The Emerson?
Hines is a Houston-based global real estate investor, developer, and manager; its exchange program runs through Hines Real Estate Exchange, LLC. Issuer-filed completion materials identify the Trust as a subsidiary of Hines Global Income Trust, the firm's non-traded REIT. 5 Hines Global Income Trust reported its portfolio valued at $4.26 billion as of August 31, 2024. On April 19, 2025, The White Law Group published a notice that it was investigating potential securities-fraud claims tied to this Trust; no complaint or adjudication appears in the public record.
- Sponsor
- Offerings on record
What does the SEC record show?
The first Form D — the brief federal notice a sponsor files for a private placement — reported that no sales had yet occurred. Three later amendments tracked the raise, the last of which brought the recorded offering amount down to the amount ultimately placed. It was offered privately, without general advertising, to accredited investors.
- Legal Trust name
- HREX Multifamily II, DST
- SEC CIK
- 1999551
- First Form D
- Nov 1, 2023
- Latest Form D
- Apr 1, 2025
- Filings on record
- 4
- 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 | $133,753,937was $138,736,810 | $133,753,937+$93,961,086 | 197+135 | EDGAR | |
| Form D/A | $138,736,810 | $39,792,851+$30,146,462 | 62+46 | EDGAR | |
| Form D/A | $138,736,810 | $9,646,389+$9,646,389 | 16 | EDGAR | |
| Form D | $138,736,810 | $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 The Emerson?
- The Emerson is a Historical offering. Sold Sep 2024, as reported by Hines.
- What does it mean that this is a DST?
- A Delaware statutory trust (DST) holds title to the real estate while investors own beneficial interests in the trust. Those interests can qualify as replacement property in a 1031 exchange, and investors hold a passive position — the sponsor and trust manager, not the investors, make property decisions.
- Who lives in the building, and how full is it?
- The Emerson is a Class A apartment community, so its income comes from many residential leases rather than one corporate tenant. Hines reported the property 96% leased as of June 30, 2024, and Hines Global Income Trust's property page reports 95% leased as of June 30, 2026.
- Is there a mortgage on the property?
- The public record reviewed does not say. The Form D filings do not disclose debt, and no lender, loan balance, or loan terms for this Trust were found in Hines's filings or sponsor materials. A secondary marketplace listing describes the offering as unlevered, but that claim has no primary corroboration.
- Could this Trust be rolled into a REIT through a 721 exchange?
- The Top1031 record shows no UPREIT or 721 conversion feature for this Trust — a 721 exchange is when DST investors contribute property to a REIT's operating partnership for REIT units. The Trust is affiliated with Hines Global Income Trust, but no such conversion has been reported in the filings reviewed.
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.