International real estate company Hines has launched a multifamily property management firm that will work in partnership with the firm’s growing portfolio that spans 38 cities. Willowick Residential, named after founder Gerald D. Hines’ first multifamily building in Houston’s River Oaks neighborhood, builds on the firm’s legacy and attention to detail.
Mr. Hines managed The Willowick himself in the early days of his business, with the belief that an owner “had greater insight and desire to manage a building properly.” Today, Hines’ U.S. multifamily portfolio includes 63 communities, including luxury towers, urban mid-rises, and garden-style apartment developments.
“Rooted in the expertise of our regional offices, our growing and successful multifamily division has expanded for-rent apartment development activity through the U.S.,” said Jeff Hines, president and CEO. “Willowick Residential seeks to deliver a superior level of resident service, above-industry retention rates, cost-effective building management, and superior engineering and maintenance of the physical asset.”
Hines’ long track record as an investor, partner, and manager has equipped Willowick Residential to resolve issues as well as deliver knowledge and skill through market research and provide a detailed focus on resident services. Launched earlier this year, Willowick Residential is managing nine properties throughout the U.S.
Hines has managed properties since its start in 1957. With 35 team members with decades of experience, Willowick Residential’s property teams will bring the firm’s standards and experience to all the properties it serves.
In addition, Hines announced this week that it has started construction on Residences at RiNo, a luxury mid-rise community in Denver’s River North Arts District (RiNo), in partnership with Cresset-Diversified QOZ Fund. It is the fourth joint venture between Hines and investor partner Cresset-Diversified.
Residences at RiNo is slated for initial occupancy in the third quarter of 2022. It will be comprised of 397 luxury residences, ranging between 542 and 1,715 square feet. Floor plans will include studio, one-, and two-bedroom offerings, in addition to a limited number of affordable and live/work units. Each unit will feature modern kitchens with quartz countertops, designer tile backsplashes, and stainless-steel appliances; in-unit washers and dryers; electric door locks; and wood-style flooring.