H
ines Global Income Trust has acquired the Duboce Apartments, an 87-unit rental complex in San Francisco's Duboce Triangle, for $38 million. The property, located at 2198 Market Street and 181 Sanchez Street, spans 70,500 square feet and features a mix of one- and two-bedroom units ranging from 543 to 1,315 square feet. At the time of sale, the complex was 97% leased with rents starting at $3,837 per month.

    As part of the deal, Hines agreed to maintain 10 units below market rate, as stipulated by an agreement with the City of San Francisco. The seller, Greystar, completed the property in 2017 and offered amenities such as a rooftop Jacuzzi and outdoor fire pit. A 2,700-square-foot restaurant space and two retail units are also located on the ground floor.

    The acquisition comes after Hines faced setbacks with two downtown high-rise projects, including a proposed 47-story residential building that lapsed due to an option expiration. The company also failed to pay a $5 million penalty for another project. Despite this, Hines Global Income Trust manages approximately $93 billion in assets across 141 buildings worldwide.