Hines and Peakhill Partners Form JV to Develop Multifamily Project

NEW YORK—Global real estate investment management firm Hines and Peakhill Equity Partners, a Toronto-based real estate investment manager, have closed on a joint venture to acquire and develop a 1.44-acre site to be known as the Station Lofts in Port Chester.

Station Lofts will consist of a five-story, 180-unit Class A multifamily residential development, ranging from studios to two-bedroom homes, along with three levels of parking including 50 spaces accessible and reserved for the public at ground level. Amenities are expected to include a residential lounge with a kitchen and coffee bar, co-working space, fitness center, bicycle storage, outdoor deck with grills, and environmental sustainability features such as a green roof and EV charging stations.

“Station Lofts will enhance Port Chester’s vibrant community and contribute to the demand for high-quality living options in the area,” said Grant Jaber, Managing Director of Hines. “The project’s proximity to transit and superb access to the surrounding neighborhoods make it an extremely attractive investment for Hines.”

The property will be located in the heart of the Village of Port Chester, one block from the Metro-North Railroad Station. Port Chester is an emerging transit-oriented community adjacent to some of the region’s most recognizable suburbs including Rye, NY, and Greenwich, CT, and offers a unique cultural and dining scene. The Village’s 2020 form-based rezoning initiative dubbed “Plan The Port” has spurred new development activity primarily focused on the Village’s downtown, waterfront, and transit-adjacent locations.

"Peakhill is thrilled to partner with Hines, a first-class real estate firm with deep experience developing multifamily real estate across the U.S. Through our partnership, we’re excited to play a role in the continued growth of Port Chester’s diverse and vibrant downtown,” said Jonah Belkin, Managing Director of Peakhill Equity Partners.

Construction on Station Lofts is expected to commence in early 2025, with completion by 2027. The partnership plans to capitalize on vertical construction in the second half of 2024 to align with the projected construction schedule.

Hines manages $94.6 billion in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Hines’ local teams serve 790 properties totaling nearly 269 million square feet globally.

Peakhill Equity Partners is a real estate investment platform headquartered in Toronto focused on joint venture equity investments in ground-up and value-added real estate projects in the United States and Canada. It is an active investor in large-scale mixed-use and multifamily development projects in New York City, Dallas, and Miami.