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Hines Private Wealth Solutions LLC has completed its ninth Delaware statutory trust offering, the company's largest to date at $591M.
The offering, HREX 9, allowed participants to invest in two multifamily properties: the 495-unit Gables Station in Coral Gables, Florida, and the 451-unit Left Bank in Chicago, Hines said in a release.
Both properties were sourced from Hines Global Income Trust, a Hines-sponsored nontraded REIT.
The offering is roughly four times the size of Hines’ previous DST, HREX 8, a $145M offering that closed in June. HREX 9 launched in December 2025 with a $250K minimum investment. It originally sought to raise about $618.4M from accredited investors.
Delaware statutory trusts have existed for more than two decades but have grown more popular as aging individual investors seek passive income sources and hope to defer taxes on their gains.
The fundraising vehicle is a securitized version of a 1031 exchange, which allows property owners to avoid paying taxes when selling a property if they invest their gains into another deal within 45 days. DSTs take the search for a suitable 1031 property out of the equation, offering fractional investments in sponsored properties that also tick the box for the 1031’s like-kind tax code requirement for as little as $100K.
Equity raised through Delaware statutory trusts totaled $7.5B at the end of September, a 27% increase from the $5.9B raised through September 2025, according to data from Mountain Dell Consulting.
More institutional investors are creating DST offerings to take advantage of the demand for the product. Last month, Blackstone completed its first DST, a $175.6M offering, and it already has another in the works, AltsWire reported. Ares Real Estate Exchange is the year’s most active sponsor to date, according to a September report from Mountain Dell Consulting.
The firm raised just under $1.5B for DSTs, or 19.3% of the overall investment activity. Blue Owl Capital and ExchangeRight Real Estate ranked second and third and raised $626M and $619M, respectively.
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