Hines Buys $148M Multifamily Property in Evanston

Hines Buys $148M Multifamily Property in Evanston

Hines has purchased an apartment building in suburban Chicago for a record $148 million. The firm acquired the E2 Apartments, a multifamily asset in Evanston, Illinois, adding to its portfolio in the Midwestern U.S.

The 352-unit E2 apartment property is located at 1890 Maple Ave. in downtown Evanston, and Hines purchased it from Northwestern Mutual. Northwestern Mutual and several development partners, including Fifield Cos., completed E2 in 2015.

E2 Apartments is a Class-A multifamily complex near Northwestern University. The 304,041-square-foot property, acquired in December 2024, includes 352 units and is 98% leased. Its strategic location and amenities made it an attractive opportunity for Hines Global Income Trust, which sourced the deal through the Hines Chicago team.

Hines also announced it had acquired Tortona Logistics, an industrial property in Tortona, Italy, for approximately $144 million. In addition to the two acquisitions, Hines Private Wealth Solutions successfully completed HREX Multifamily III DST, a $124.7-million Delaware Statutory Trust.

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