Life Time Coral Gables Sold To Hines For $430 Million; Hines Then Raises Rent On Tenants By 31%, In Violation Of Miami-Dade County Code

Ariel Fernandez

Founder & Editor
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What started off as a project proposed to the community as a project focused on making Coral Gables living affordable to all, has now become unaffordable.

Life Time, formerly Gables Station located at the corner of US1 and Le Jeune Road, opened in 2021. The project has 495 units, which are owned by Hines Global Income Trust, after its purchase for $430 million earlier this year.

Hines describes itself as “one of the largest privately held real estate investors and managers in the world.”

Asked about the motivation to purchase this property in Coral Gables, a Hines spokesperson told Gables Insider that “it fits into the Hines strategy of investing in best-in-class residential and mixed-use assets in markets with strong demographic and employment fundamentals. The recent in migration of businesses and residents from the northeast and midwest continues to make South Florida an attractive investment market. Hines has developed, owned and managed properties in Coral Gables for close to 20 years.”

Service Reductions Since Purchase

Since Hines’ takeover, residents have been reporting a reduction in services and amenities. The prior management company offered events and receptions for tenants. Those have ceased. They also offered concierge service. The concierge no longer answers the phone.

“The current amenity offering is the same as what was in place prior to the acquisition. It is the most comprehensive amenity program in Coral Gables and every resident is provided with a Signature Membership to Lifetime Fitness at no additional cost to their rent,” said Hines spokesperson in response.

However, Gables Insider‘s calls to the concierge number were unanswered for several days.

But the most alarming issue for tenants has not been the reduction of services. This month, residents who have access to their accounts on a web-based portal realized rent due in October was substantially different. When they approached the management team, the response was that the number was inaccurate. Gables Insider spoke to two residents who believed this would mean the number would be readjusted to the correct amount. Instead, when they received a letter from management, they found that the amount was actually higher. Tenants Gables Insider has been able to speak with report that their rents went up by 29% to 31% with less than three weeks of notification.

Parking also used to be included in tenant leases. Now, tenants are being asked to pay $200 per vehicle per month.

Residents inform Gables Insider that they attempted to speak with management, but were not provided an opportunity to discuss the hikes.

Violation To County Law

The rent hikes, however, are seemingly being done in violation to Miami-Dade County Code.

In March of this year, Miami-Dade County passed legislation requiring a 60-day written notice of rent hikes. If the 60-day notice is not provided, residents cannot be forced to pay increased rents or be evicted.

“Housing in Miami-Dade County is reaching a crisis level,” said Miami-Dade County Mayor Daniella Levine Cava. “We must act now to alleviate the financial burdens that they are facing. My administration remains committed to finding solutions for our county’s housing crisis and we are confident this legislation brought by Commissioner Higgins will go a long way in protecting our community from rising housing costs and evictions.”

Although no 60-day notices were provided, Hines’s spokesperson stated that “Hines is adhering to Miami-Dade rental regulation laws.”

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18 thoughts on “Life Time Coral Gables Sold To Hines For $430 Million; Hines Then Raises Rent On Tenants By 31%, In Violation Of Miami-Dade County Code

  1. Just got my renewal notice. 1k more than I was paying a month. Insane. 4K for a one bedroom apartment.

  2. All true—staff concierge doesn’t answer phone, little to no security, no events. My lease is coming up for renewal and no I’m having to scramble to see if I can afford to live here. We were so excited to make this our home, and now it’s just a very disappointing experience.

  3. Hines needs to recover the $430 million paid. Why do people settle here? The high housing prices, unbearable heat, humidity and nasty drivers are discouraging. I guess the cheaper gas, cheaper drugs and lax law enforcement attract a lot of riff raff. The politicians encourage the influx thinking more people equals more tax revenue equals more trips, perks, etc. The place is ruined, a moral wasteland. Always was a swamp. The brighter Spaniards settled in Santo Domingo, Cuba and Jamaica, not here. Too muggy, too many mosquitoes and alligators.

  4. This building has no security, it’s overrun by drunk, drugged out UM kids, no jobs walking with rich parents.
    Bikes have been stolen from this property, cars have been broken into, and management has towed 20 resident cars first week.
    The website claimed this property was “level4 soundproof walls in the bedroom” completely FALSE.

  5. Illegal activities as it relates to fair housing and other laws have been broken for a long time here. I’m glad that someone has finally published something about it. The treatment of residents here at Life Time Coral Gables is criminal.

  6. First of all, whether you are a month or month, week to week it does not matter. any increase in rent, must be given a 60 day written notice, if not they are going against regulations which the mayor put in place in May 2022. The problem is the rent and we need rent control in Florida. we need rent control in Florida, because as they stated, Higgins rectified his violations but there’s nothing stopping him from charging $200 per vehicle increasing your rent giving you 60 day notice but you still have to pay the rent that you can’t afford it and if you don’t pay it then he can evict you. the government, mayors, governor DeSantis, we need to implement rent control so that the landlord cannot take advantage of the tenants. income is nowhere near equal to the inflation amount and we are drowning.

  7. First of all, whether you are a month or month, week to week it does not matter. any increase in rent, must be given a 60 day written notice, if not they are going against regulations which the mayor put in place in May 2022. The problem is the rent and we need rent control in Florida. we need rent control in Florida, because as they stated, Higgins rectified his violations but there’s nothing stopping him from charging $200 per vehicle increasing your rent giving you 60 day notice but you still have to pay the rent that you can’t afford it and if you don’t pay it then he can evict you. the government, mayors, governor DeSantis, we need to implement rent control so that the landlord cannot take advantage of the tenants. income is nowhere near equal to the inflation amount and we are drowning.

  8. Immense amount of idiots that don’t know how government works. Fooling themselves into Believing that things were good with the Nincompoop lifetime thief and trickster DT. Anything that was good during Trump was residue of Obama whether you like it or not. Just like the majority of things that are happening now are shit because it’s residue of Trump. It’s so crazy how conservative just keep making up things that are not real to scare themselves or something? There’s no left here you uneducated twats. Only right and extreme right. Anyhow good luck.

  9. Obviously, an indirect result of Bidenflation. Coupled with increased demand from those poor souls fleeing blue state fascism to embrace liberty in the Free State of Florida.

  10. First why would you ever bring in Trump. You are seriously crippled by the thought of this man who had this Country stable financially and with our resources. Second this is what you get when you agree to these huge projects with their promises that they have no plans to keep. All projects should have a ” flip” clause that either keeps the property maintained as promised, or has an extended time limit for any changes, even if the development is sold or flipped. Personally I hope this project folds because this is no way to treat its residents. Shame on you.

  11. These tenants must be on month to month agreements that allow the landlord to increase rent at will. TFG proves the most ignorant voter base exists in the USA & they even send him free money for non political use as his disclosure states is allowed. How does a left leaning majority in the tri county area of FL have these 4 gop elected idiots scaring everybody with socialism?

  12. Life Time is clearly violating the County 60-day rent increase ordinance, which states that for any rent increase of 5% or more, 60 days’ notice in advance is required. That Hines spokesman statement is pure BS. Any current tenants of Life Time who did not receive the required notice should challenge their excessive rent increases.

  13. On the rent issue, this is not acceptable w/o prior notice of at least 30-60 days. However, let’s think for a moment about this.

    Lifetime was built at a cost of over $500 million. It was sold for $430 Million. How can the new owners justify a 30% increase on a property they paid wholesale for? Greed.

    I am not saying that rents should not go up, I mean, prices do go up, especially in labor costs, but reasonable increases are what should happen. Also, there is the issue of supply & demand. When inventory is low, prices are higher. Ask any Real Estate agent.

    Today in Coral Gables overall, properties are being snatched up quickly. I have seen houses in my area selling in 30 days or less from the listing date. Not only that, a house was just sold for $1.1M as a flip, and the flip price is $2.1M.

    In addition, Lifetime Fitness membership dues also have gone up. Effective October 1, it is now $319 instead of $299. They stated that still is less than what people pay today

    The facility is excellent but slowly going downhill. Many teenagers and other adults that do not know about Gym Etiquette, running around in flip-flops which are not allowed, having loud phone conversations, etc., the list goes on.

    The staff is very professional, the best I have seen. I think people are going to start quitting and go back to others such as LA Fitness.

  14. I’m sorry – we’re getting political here now?
    Ok – well under President Trump, life was good. USA was energy independent for the first time EVER, salaries were up, rent was NOT out of control and people had more $$$ in their pockets. Don’t know what anyone is smoking out there, but EVERY TIME a Democrat is in office, THE PEOPLE get screwed.

  15. The reason you have this corporate greed and arrogance because the electorate are basically idiots.
    Rubio, Salazar, and DeSantis scream socialism and recent immigrants vote for them meanwhile the old immigrant folks take food stamps, section 8 housing, Medicaid -etc- my goodness that’s socialism and meanwhile you vote for the idiots that want to cut the programs and what about Medicare- state run health care. You want sane fair government where you do not get 30% increases in rent vote for the Democrats- not traitor, draft dodging candidates like Trump and their followers like Cabrera- the ultimate political insider and lobbyist whose wife is in the state legislature- he represents people that just gave you that increase!

  16. To Melania,

    Your comment about Trump shows you are seriously out of touch with reality. Hope you get well soon.

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