The Emerson
Multifamily property in Centreville, VA — sponsored by Hines
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
HREX Multifamily II, DST is a Delaware statutory trust — a passive co-ownership structure that can qualify as 1031 exchange replacement property — holding The Emerson, a Class A apartment community in Centreville, Virginia, about 21 miles west of Washington, D.C. Hines sponsored it, offered it privately under Rule 506(b) to accredited investors, and reported it fully subscribed in September 2024. It is closed to new investors.
Minimum investment
$250k
Offering size
$133.8M
How much has sold
100.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
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
Who is the tenant, and what's the lease?
There is no single corporate tenant here — income comes from apartment leases that turn over and reprice rather than one long-term contract. Hines reported the property 96% leased as of June 30, 2024. Hines Global Income Trust's property page reports it 95% leased as of June 30, 2026.2
How did it end?
Sold
Listed as a completed/full-cycle program on Hines's published track record.
The Emerson is a 355-unit, Class A multifamily property in Centreville, Virginia (Fairfax County), approximately 21 miles west of Washington, D.C. Originally acquired by Hines Global Income Trust in January 2020. The HREX Multifamily II, DST $138.7M private placement was reported fully subscribed by Hines Global Income Trust in September 2024.
355 units, 328,341 sfSupporting evidence
Counted on Hines’s Record Card as: Moved into a REIT, per the REIT's SEC filing Document
How is it financed, and what does it pay?
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.
Who's behind it?
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
- Hines
- 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?
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.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- HREX Multifamily II, DST
- Filings on record
- 4
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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
What happened to The Emerson?
The Emerson is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for The Emerson?
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.
Can I still invest in The Emerson through this DST?
No. Hines reported the HREX Multifamily II, DST offering for The Emerson fully subscribed in September 2024, and the Trust is closed to new investors. The most recent Form D amendment on the record was filed April 1, 2025; no later offering activity appears in the filings.
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.
What is The White Law Group investigation about?
On April 19, 2025, The White Law Group published a page saying it was investigating potential securities-fraud claims involving HREX Multifamily II, DST, noting the total offering amount and that broker and advisor commissions and fees may exceed 9%. No underlying complaint, arbitration award, or adjudication was found in primary records.
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.
Chapter 9HREX Multifamily II DST: Lawsuit InvestigationThe White Law Group announces it is investigating potential securities fraud claims related to HREX Multifamily II DST sponsored by Hines Real Estate Exchange, LLC, noting total offering of $138,736,810 and that broker/advisor commissions and fees may exceed 9%. Hines Global Income Trust Fully Subscribes $138.7 Million Multifamily DSTReports that HREX Multifamily II, DST — the $138.7M private placement for The Emerson in Centreville, VA — was fully subscribed by Hines Global Income Trust. Hines Private Wealth Solutions Successfully Closes Two Multifamily Private OfferingsHines Private Wealth Solutions mirror of the press release confirming the close of HREX Multifamily II DST (The Emerson, Centreville VA) alongside the Hines Ann Arbor Multifamily LLC offering. Hines Global Acquires 355-Unit Apartment Complex in Northern VirginiaRE Business Online trade-press coverage of HGIT's acquisition of The Emerson, a 355-unit Class A multifamily complex in Centreville, VA (Northern Virginia), offering studio through three-bedroom floor plans averaging 925 square feet. Hines Global Income Trust Acquires The EmersonAnnounces Hines Global Income Trust's acquisition of The Emerson, a 355-unit newly constructed Class A multifamily property in Centreville, Virginia. Hines Global Picks Up New High-End Apartment Building in Centreville, VirginiaCoStar trade-press coverage of Hines Global's acquisition of The Emerson, a 355-unit apartment building in Centreville, Virginia, developed by JLB Partners and Crow Holdings, 67% leased at acquisition. Hines buys new-build apartments in CentrevilleWashington Business Journal local-news coverage of Houston-based Hines's acquisition of The Emerson, a 355-unit new-build apartment building in Centreville from JLB Partners of Dallas.