Hines trust pays $170.5M for 539 Bishop Arts apartments
A nontraded REIT closed on nine Dallas buildings Sept. 30 and disclosed the price six days later.
Hines Global Income Trust paid about $170.5M for the Bishop Arts Portfolio in Dallas, a nine-building mixed-use property with 539 apartments and roughly 49,000 sq ft of retail. For Oak Cliff developers and lenders, it puts a hard institutional price on a walkable, mostly leased district.
Why it matters
The trust, a nontraded REIT sponsored by Hines, closed on Sept. 30, 2026 and disclosed it in an 8-K filed Oct. 6. That is a six-day gap between closing and filing. The filing says the seller is not affiliated with the trust or its affiliates and does not name the seller. We are not naming one.
The deal covers nine buildings on nearly seven acres. Anyone underwriting infill apartments or ground-floor retail in Dallas now has a fresh comparable to price against.
The numbers
- Price: about $170.5M, exclusive of transaction costs and closing prorations, per the 8-K.
- Apartments: 539, about 95% leased, in roughly 438,000 sq ft of residential space.
- Retail: about 49,000 sq ft, 98% leased, with 22 tenants across restaurants, boutiques and neighborhood businesses.
- Our arithmetic: $170.5M over 539 units is about $316,000 per apartment. That figure includes the retail, so it overstates a pure apartment price. Across all 487,000 sq ft listed, the price is about $350 per sq ft.
- The filing does not disclose financing, and we have not located a recorded deed of trust.
The same filing covers two other deals: 99 West Paces in Atlanta at about $237.8M, and Castings Commerce Center in Columbus, Ohio, at about $117.0M. Together the three purchases are described as more than $500M.
What’s next
Watch Dallas County records for the deed and any loan, which would show whether the trust paid all cash or used debt. The price per unit and per sq ft will be a reference point for the next Oak Cliff and Bishop Arts sale or refinancing. Hines says it plans to apply local operating expertise to the property, so expect leasing and retail repositioning rather than new construction. Bisnow first reported the purchase; the figures here come from the SEC filing.
On the record
What we checked ourselves, and where you can check it too.
- SEC filingThe 8-K gives a Sept. 30, 2026 closing date, six days before the Oct. 6 filing, and a contract price of about $170.5M exclusive of transaction costs and closing prorationsView the filing on sec.gov
- Our dataOur arithmetic: $170.5M over 539 apartments is about $316,000 per unit, or about $350 per sq ft across the 487,000 sq ft of residential and retail space the filing listsView the record on sec.gov
Sources
- SEC Form 8-K, Hines Global Income Trust, Items 7.01 and 8.01Bishop Arts Portfolio contract purchase price and closing date
- SEC Exhibit 99.1, Hines press release of Oct. 6, 2026Unit count, acreage and leasing for the Bishop Arts Portfolio
- Bisnow, Hines spends $170.5M on mixed-use portfolio in Dallas Bishop Arts DistrictFirst report of the purchase