Hines sponsors Delaware Statutory Trust investment programs through the Hines Real Estate Exchange, or HREX, platform for qualified investors seeking passive ownership of institutional real estate, including investors completing Section 1031 exchanges.
Hines launched the HREX platform in 2022 as part of its private wealth business. Individual HREX offerings are structured as separate Delaware statutory trusts, with each program owning its own property or portfolio and operating under its own offering documents, financing arrangements, distribution structure, transfer restrictions, and anticipated business plan.
Recent HREX offerings have included Class A multifamily communities, large-scale industrial and logistics assets, and mixed-use real estate.
Certain properties used in HREX offerings have been sourced from Hines Global Income Trust, a public non-listed REIT sponsored by Hines.
Because Hines DST interests are private securities and are not listed on a national securities exchange, investors generally cannot sell them through a conventional brokerage account at a continuously quoted market price.
Potential liquidity may therefore depend on the specific HREX program, governing documents, sponsor procedures, transferability, purchaser qualifications, property performance, debt structure, remaining holding period, documentation, and current secondary-market buyer demand.
Hines
Hines Real Estate Exchange (HREX)
Multifamily, Industrial / Logistics & Mixed-Use
$1.1B+ Across Eight DST Offerings
Limited Private Secondary Market Liquidity
Program, Property, Debt, Distributions, Exit Strategy & Buyer Demand
Hines is a global real assets investment manager with a platform spanning residential, logistics, office, mixed-use, data centers, infrastructure, and other real estate sectors.
As of June 30, 2026, Hines reported approximately $90.9 billion in assets under management across its global platform.
Hines Private Wealth Solutions oversees the distribution of Hines-sponsored offerings to qualified individual investors through financial professionals, registered investment advisers, and participating broker-dealers.
Hines reported that its private wealth business had raised more than $13.5 billion since inception as of June 30, 2026.
The HREX DST platform represents one part of this broader private wealth business and should be evaluated at the individual program level rather than through a single sponsor-wide assumption about value or liquidity.
Hines created HREX to provide qualified investors with DST interests that may be used as replacement property in a Section 1031 exchange.
Since launching the platform in 2022, Hines Private Wealth Solutions reported completing more than $1.1 billion across eight DST offerings through June 2026.
Each HREX DST owns its own property or portfolio and operates under its own financing, distribution, transfer, and exit structure.
This makes the exact HREX program especially important when evaluating a secondary-market transaction. Property sector, operating performance, debt, expected disposition timing, and sponsor-related exit mechanics may vary materially among programs.
Hines completed several large HREX offerings during 2025 and 2026, illustrating the scale and institutional property profile of the platform.
$145 Million Offering
$199.8 Million Offering
$246.5 Million Offering
Montrose Collective / Mixed-Use
Industrial / Logistics
Class A Multifamily
HREX 8 DST was completed in June 2026 as a $145 million DST offering. The trust owns Montrose Collective, a 189,000-square-foot mixed-use asset in Houston's Montrose district.
HREX 7 DST was completed in late 2025 as a $199.8 million offering. The program owns two Class A industrial facilities at Georgia International Trade Center in Savannah totaling approximately 2.2 million square feet.
One HREX 7 facility was reported as fully leased to a Fortune 50 home-improvement retailer, while the other was fully leased to a global third-party logistics provider.
HREX 6 DST was completed in September 2025 as a $246.5 million offering and owns two Class A multifamily properties: E2 Apartments near Northwestern University and The Alloy near the University of Maryland.
These examples are provided as sponsor-platform research and should not be interpreted as recommendations, statements of current investment availability, or representations that any particular offering remains open to new investors.
Alternative Investment Liquidity evaluates certain Hines and HREX DST interests for potential direct private purchase or other secondary-market liquidity.
Because each HREX DST is a separate investment, there is no single standing purchase price that can be applied across the Hines sponsor family. Potential pricing depends on the specific DST and the characteristics of the investor's position.
Potential Direct Private Purchase
Baron De Biltmore LLC
AIL Reviews Eligible Hines DST Positions
Determined By Specific DST And Position Review
Property, Debt, Income, Exit Timing & Transferability
Subject To Position And Documentation Review
Any potential purchase indication is separate from the investor's original investment amount, tax basis, account statement value, sponsor-related valuation reference, or projected future property-sale proceeds.
A potential transaction may be influenced by property performance, current distributions, debt terms, loan maturity, remaining holding period, sponsor-related exit mechanisms, transfer restrictions, purchaser qualifications, position size, and current buyer demand.
Any offer from AIL, an affiliated purchaser, or another potential buyer represents the amount that purchaser is willing to pay under the applicable terms and should not be interpreted as an independent appraisal or determination of underlying fair value.
HREX offerings have provided exposure to multiple institutional real estate sectors rather than a single property type.
Recent programs include multifamily communities located near major universities, large distribution and logistics facilities in Savannah, and the Montrose Collective mixed-use asset in Houston.
For secondary-market purposes, the underlying property or portfolio associated with the specific DST is generally more important than the Hines sponsor name alone.
Potential buyers may review occupancy, tenant or resident quality, lease duration, rental performance, property location, operating expenses, capital requirements, debt service, loan maturity, and the expected path to a sponsor-led disposition.
Certain properties used in HREX offerings have been sourced from Hines Global Income Trust, a public non-listed REIT sponsored by Hines.
For example, Hines reported that the multifamily properties included in HREX 6 DST were sourced from Hines Global Income Trust.
When HREX was launched, Hines also indicated that Hines Global Income Trust could have an option to acquire properties held by certain DST programs.
The existence, terms, timing, and economics of any such option are specific to the individual HREX program and should not be assumed to apply to every Hines DST.
A potential HGIT acquisition or other sponsor-led transaction can nevertheless be relevant when evaluating the expected holding period and potential secondary-market value of a particular DST.
Potentially. A Hines DST interest may be transferable before a sponsor-led exit, but the transfer process depends on the governing documents and procedures applicable to the specific HREX trust.
Transfer requirements may include sponsor or administrative trustee review, purchaser eligibility requirements, assignment documentation, accredited-investor qualifications, lender restrictions, ownership limitations, or other conditions.
Positions held in an IRA, trust, estate, corporation, partnership, LLC, or other entity may require additional documentation related to ownership and authority to complete the transaction.
The fact that a Hines DST interest is legally transferable does not mean that a ready purchaser or continuous secondary market exists.
HREX programs are designed in part to provide qualified investors with replacement property that may be used in a Section 1031 exchange.
The tax treatment of the original exchange does not create public-market liquidity. A later private transfer may have tax consequences that differ materially from the original transaction.
Potential considerations may include deferred gain, depreciation recapture, debt allocation, future exchange planning, and the timing of a possible sponsor-led disposition.
Investors should consult qualified tax and legal professionals before completing a secondary-market transaction.
Alternative Investment Liquidity does not provide tax, legal, investment, accounting, or valuation advice.
Current and historical distributions can be important when evaluating a Hines DST position.
Potential buyers may review current income together with property-level operating cash flow, occupancy, lease revenue, rental performance, reserves, debt service, financing costs, capital expenditures, and sponsor reporting.
A change in distributions does not by itself determine secondary-market value. Buyers may also consider property appreciation or depreciation, leverage, refinancing risk, remaining holding period, and expected future sale proceeds.
Distribution information should therefore be evaluated together with the broader economics and business plan of the specific HREX investment.
HREX investments are generally structured around ownership of a specific property or portfolio for an anticipated investment period followed by a future property disposition or other sponsor-led event.
The potential timing and economics of a future sponsor-directed transaction may therefore be important when an investor evaluates whether to seek liquidity before the anticipated exit.
Certain HREX programs may also involve rights, options, or relationships involving Hines-affiliated investment vehicles such as Hines Global Income Trust.
A position believed to be approaching a possible property sale or other liquidity event may be evaluated differently from a DST expected to remain outstanding for several additional years.
No future disposition, acquisition, or sponsor-led liquidity event should be assumed unless it is supported by the governing documents or current sponsor communications for the specific DST.
Hines DST interests do not trade on a national securities exchange and generally do not provide continuous investor redemption liquidity.
Potential liquidity alternatives may include continued ownership until a sponsor-led property sale or other full-cycle event, a private secondary-market transaction, a direct private purchase, or another permitted transfer under the applicable trust documents.
The availability and attractiveness of these alternatives may depend on the specific HREX program, transfer restrictions, remaining holding period, property performance, debt obligations, current distributions, purchaser qualifications, and buyer demand.
There is no guarantee that a purchaser will be available or that an investor can sell at the original investment amount, account statement value, or projected future property-sale value.
Potentially. Certain Hines DST positions may qualify for a private secondary-market transaction or direct purchase, subject to transfer requirements, documentation, purchaser eligibility, sponsor procedures, and available buyer demand.
A potential sale may require confirmation of the exact HREX program, current ownership amount, account registration, governing documents, distribution history, debt structure, and anticipated exit strategy.
Investors should compare the potential benefit of obtaining liquidity today with the possibility of continuing to receive distributions and holding the investment until a future property disposition or other sponsor-led event.
Whether an early sale is appropriate depends on the investor's own circumstances and should not be determined solely by the availability of a private-market purchaser.
Private secondary-market transactions may provide a potential source of liquidity for certain Hines DST investors who do not want to wait for a future sponsor-led disposition.
The DST secondary market does not operate like a national securities exchange. There is generally no continuously quoted price, centralized order book, or guarantee that a buyer will be available for a specific Hines DST.
Potential buyers may evaluate the specific property or portfolio, occupancy, tenant or resident quality, current income, debt, loan maturity, remaining holding period, sponsor communications, expected exit strategy, transfer requirements, and broader market conditions.
Because a private purchaser may be acquiring an illiquid interest with uncertain future liquidity, secondary-market pricing may differ materially from the investor's original investment amount, tax basis, account statement value, or expected future proceeds.
Investors can learn more about how the DST secondary market works, including transfer restrictions, buyer qualifications, pricing, documentation, and timing.
Each Hines DST is a separate investment with its own property or portfolio, acquisition basis, financing structure, distribution history, transfer procedures, and anticipated exit strategy.
Property type, location, occupancy, tenant or resident demand, rental performance, lease terms, operating expenses, capital requirements, and local real estate conditions may influence buyer expectations.
For Hines multifamily DSTs, buyers may review occupancy, effective rents, concessions, competing apartment supply, resident demand, operating expenses, local employment trends, and proximity to major demand drivers such as universities or employment centers.
For industrial and logistics DSTs, buyers may consider tenant credit quality, lease duration, logistics connectivity, replacement cost, building specifications, rent growth, and potential lease rollover.
Mixed-use investments may require separate evaluation of office, retail, hospitality, residential, or other property components together with overall occupancy, tenant mix, operating performance, and market demand.
Outstanding loan balances, leverage, interest rates, debt-service requirements, maturity dates, refinancing exposure, and lender restrictions can materially affect expected returns and secondary-market pricing.
Current and historical distributions may influence purchaser expectations, but income should be evaluated together with property operations, reserves, financing costs, and future capital requirements.
A DST believed to be approaching a potential property sale or other sponsor-led liquidity event may be evaluated differently from an investment expected to remain outstanding for several additional years.
Where applicable, the existence of a potential acquisition option, sponsor-affiliated buyer, or other Hines-related exit mechanism may affect purchaser expectations. Any such mechanism should be confirmed through current program documents.
Sponsor procedures, purchaser qualifications, lender requirements, ownership limitations, account registration, and required transfer documentation can affect whether and how an interest may be sold.
Private-market pricing can vary depending on current purchaser interest, position size, expected holding period, required return, execution risk, and broader real estate and capital-market conditions.
A recent investor or account statement is generally the best starting point when evaluating a Hines DST position for potential liquidity.
The statement can help identify the exact HREX program, current ownership interest, account registration, custodian, and other information relevant to a potential transaction.
Helpful documentation may also include:
Not every document is necessary to begin. In many cases, a recent statement identifying the specific Hines DST and current ownership amount is sufficient for an initial Confidential Investment Review.
Not every Hines DST interest will necessarily qualify for a private secondary-market transaction or direct purchase.
Potential marketability may depend on the specific HREX program, property performance, property sector, debt, distributions, remaining holding period, expected sponsor-led exit, investor registration, transferability, documentation, position size, purchaser qualifications, and current buyer demand.
Because HREX includes multifamily, industrial, logistics, mixed-use, and potentially other institutional real estate sectors, AIL evaluates the exact investment rather than applying a single sponsor-wide assumption about value or liquidity.
A Confidential Investment Review can help identify whether a particular Hines DST position may currently qualify for further evaluation and which factors may influence a potential transaction.
Potentially. Whether an interest can be transferred depends on the specific Hines DST, applicable transfer restrictions, purchaser qualifications, sponsor procedures, documentation, and current secondary-market buyer demand.
No. Hines DST interests are private securities and are not listed on a national securities exchange.
HREX is the Hines Real Estate Exchange platform through which Hines sponsors certain Delaware Statutory Trust programs for qualified investors, including investors seeking replacement property for Section 1031 exchanges.
Potential secondary-market value may reflect the underlying property, income, occupancy, debt structure, distribution history, remaining investment term, expected sponsor-led exit, transferability, and current buyer demand.
No. Each investment must be reviewed individually, and some Hines DST interests may have limited or no qualified secondary-market demand at a particular time.
No. A Confidential Investment Review is intended to help an investor understand potential liquidity options before deciding whether to pursue a transaction.
Alternative Investment Liquidity reviews Hines DST positions for investors seeking information about potential liquidity, transferability, valuation considerations, current buyer interest, and possible direct purchase opportunities.
AIL's review focuses on the specific HREX program and investor position rather than relying solely on the Hines sponsor name or the investor's original purchase amount.
For eligible positions, AIL may be able to facilitate a direct private purchase through Baron De Biltmore LLC or evaluate another potential secondary-market liquidity pathway. Any potential purchase price or transaction remains subject to investment-specific review, documentation, transferability, purchaser requirements, and current market conditions.
Investors, trustees, estate representatives, attorneys, financial professionals, and other authorized representatives can request a Confidential Investment Review for a Hines DST position.
Information on this page was developed using publicly available Hines materials, including Hines Private Wealth Solutions and Hines Real Estate Exchange announcements, Hines investment-management materials, and public information regarding Hines Global Income Trust.
Recent HREX program examples include HREX 6 DST, HREX 7 DST, HREX 8 DST, and earlier Hines-sponsored DST programs.
Hines reported in June 2026 that Hines Private Wealth Solutions had completed more than $1.1 billion across eight DST offerings since launching the HREX platform in 2022.
Program terms, property information, distributions, financing, transfer procedures, sponsor-affiliated purchase rights, exit strategies, and other investment details may change after the applicable reporting or offering date. Investors should review the current governing documents and sponsor communications applicable to their specific Hines DST.
Secondary market interest depends on more than asset type. AIL evaluates each position based on investment structure, transferability, documentation, and current market conditions.
Ownership type, sponsor requirements, investment terms, and underlying asset characteristics all influence review.
Some positions may be subject to transfer restrictions, approval requirements, or limitations within governing documents.
Offering materials, account records, ownership documents, and sponsor information help determine whether review can proceed.
Potential liquidity depends on current buyer interest, asset category, pricing expectations, and transaction feasibility.
Every opportunity is reviewed individually. Our process is designed to provide clarity regarding transferability, marketability, and potential liquidity pathways before any transaction decisions are made.
Provide basic details regarding the investment position, ownership structure, and available documentation.
AIL evaluates the investment type, transfer restrictions, sponsor requirements, and available transfer pathways.
We determine whether a secondary market opportunity may exist based on current investor demand and transaction activity.
If a viable pathway exists, we discuss potential next steps, timing considerations, and transaction requirements.
Submit basic information for a confidential review. Opportunities are evaluated individually based on investment structure, available documentation, transferability, and potential market interest.
REQUEST CONFIDENTIAL REVIEW