Apartments for $72.9 Million: Hines Buying Museum District

In Houston, Hines Global Income Trust has agreed to buy the 224-unit Venue Museum District apartments for $72.9 million or $325,400 per unit.

The seller of the property, 5353 Fannin, is Grayco Lui Museum District Investment. The seven-story community is 89 percent leased.

The deal, funded with $1.5 million in hard earnest money, is slated to close in September, Hines reported. The purchase includes an adjacent land parcel.