Key Takeaways
- • Hines acquired a nine-building mixed-use portfolio in Dallas' Bishop Arts District for $170.5M through its Hines Global Income Trust, as part of a broader $525M nationwide acquisition series.
- • The portfolio comprises 539 multifamily units across four residential properties and approximately 49,000 SF of retail space across five retail properties, totaling roughly 7 acres.
- • Residential assets at acquisition were 95% leased; retail properties were 98% leased, indicating strong occupancy metrics at closing.
- • The seller was Bishop Arts LLC, owned by Dallas-based Exxir Capital, a development and hospitality firm headquartered in the Bishop Arts neighborhood.
- • Hines Managing Director Corbin Eckel emphasized the portfolio's appeal as a walkable, mixed-use environment positioned to benefit from Dallas' continued growth trajectory.
Summary
Hines, the Houston-based global investment manager, deployed $170.5 million to acquire a nine-building mixed-use portfolio in Dallas' Bishop Arts District through its Hines Global Income Trust REIT. The transaction, disclosed in an Aug. 31 SEC filing, represents a component of a larger $525 million nationwide acquisition program executed by the firm.
The Bishop Arts portfolio spans approximately 7 acres and includes four multifamily properties totaling 539 units and five retail properties representing around 49,000 SF of leasable space. The residential component encompasses the 246-unit Bishop North, the 141-unit Bishop Canopy, the 34-unit Treehaus, and the 118-unit Bishop Flats—collectively delivering approximately 438,000 SF of residential leasable space. At closing, the residential portfolio was 95% leased, while retail properties achieved 98% occupancy, reflecting strong asset-level performance metrics.
The acquisition was led by Hines' U.S. Sun Belt team, including Managing Director Corbin Eckel, Will Renner, and Michael Harrison. The seller, Bishop Arts LLC, is a subsidiary of Exxir Capital, a Dallas-based development and hospitality firm with operational headquarters in the Bishop Arts neighborhood. Eckel characterized the acquisition as strategically aligned with Hines' focus on walkable, mixed-use environments, citing Dallas' sustained growth as a fundamental investment thesis supporting the portfolio's long-term appreciation potential.
The Bishop Arts portfolio spans approximately 7 acres and includes four multifamily properties totaling 539 units and five retail properties representing around 49,000 SF of leasable space. The residential component encompasses the 246-unit Bishop North, the 141-unit Bishop Canopy, the 34-unit Treehaus, and the 118-unit Bishop Flats—collectively delivering approximately 438,000 SF of residential leasable space. At closing, the residential portfolio was 95% leased, while retail properties achieved 98% occupancy, reflecting strong asset-level performance metrics.
The acquisition was led by Hines' U.S. Sun Belt team, including Managing Director Corbin Eckel, Will Renner, and Michael Harrison. The seller, Bishop Arts LLC, is a subsidiary of Exxir Capital, a Dallas-based development and hospitality firm with operational headquarters in the Bishop Arts neighborhood. Eckel characterized the acquisition as strategically aligned with Hines' focus on walkable, mixed-use environments, citing Dallas' sustained growth as a fundamental investment thesis supporting the portfolio's long-term appreciation potential.
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