Hines Launches Multifamily Management Firm
- Oct 13, 2020
Real estate giant Hines has launched Willowick Residential, a multifamily property management arm that will oversee the company’s growing portfolio of apartment projects across the U.S. Launched earlier this year, the newly announced business is currently managing nine properties and will partner with Hines’ portfolio of 63 multifamily projects across 38 cities.
Run by a team of 35, the new venture is named after The Willowick, a residential condo tower in Houston’s River Oaks area that was built by Hines founder Gerald Hines in 1963. Hines, traditionally focused on commercial real estate, has in the last few years built up a multifamily portfolio that includes traditional garden-style apartments as well as luxury towers and urban mid-rises.
Willowick Residential specializes in the full range of property management functions, including acquisition and advisory services, engineering, maintenance, lease-up and marketing. The company is currently managing seven Hines properties in Texas: Maple Terrace and The Victor in Dallas; Venue Museum District and Tinsley on the Park in Houston; The Rosemary in Tomball; Stone Loch in Humble; and Alys Crossing in Cypress; along with Wolf Point East and Wolf Point West in Chicago.
Ramping up residential
Hines, which manages about $144.1 billion of global assets, has been busy with residential projects this year. The company recently broke ground on The Whit Wooster Square, a 230-unit multifamily development in New Haven, Conn. Hines also teamed up with Capitol Broadcasting Co. and USAA Real Estate in July to develop a mixed-use project in downtown Durham, N.C., that will include 350 rental units.
Earlier this year, the global investment and development firm acquired a former racing track site in Milan, Italy, which it plans to transform into a residential-led mixed-use project at a cost of about $384 million.
Hines has also ventured into the development of single-family communities. The company plans to build 400 homes at Wildflower Ranch, a master-planned community north of Fort Worth, Texas.