85.3 F
New York
HomeReal EstateGTIS Partners and Clyde Capital Joint Venture Announce $250 Million Mixed-Use Development...

GTIS Partners and Clyde Capital Joint Venture Announce $250 Million Mixed-Use Development Project in Phoenix

GTIS Partners and Clyde Capital Joint Venture Announce 0 Million Mixed-Use Development Project in Phoenix

NEW YORK, Jan. 23, 2024 /PRNewswire/ — GTIS Partners (“GTIS”), a global real estate investment firm managing $4.5 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, and Clyde Capital (“Clyde”), a vertically integrated commercial real estate investment and development company, announced today the development of a $250 million mixed-use, master-planned community in Surprise, Arizona, which is located within the Phoenix MSA. The project will include a build-to-rent community, retail space and a medical facility, and will be built across 90 acres of land acquired by GTIS and Clyde.

In conjunction with the land acquisition, GTIS and Clyde sold 20 acres within the project to HonorHealth, one of Arizona’s largest hospital systems, to develop the medical facility. Forty-five acres will be allocated to a joint venture between Clyde and Simon CRE, a national commercial real estate acquisition and development company, to establish a multi-phase retail center. GTIS will retain the 25-acre balance of the site for a build-to-rent development.

GTIS and Clyde initially pursued the property in April 2021 and took the project through a rezoning and site planning approval as it secured entitlements. The site is 40 miles from Downtown Phoenix, located along North 163rd Avenue and bound by U.S. Highway 60 and Pat Tillman Boulevard. It sits directly across from a 175,000 square foot Fry’s-anchored retail center, is conveniently located to many of the area’s top employers, and is about one mile from a Loop 303 interchange, providing easy access to the 303 industrial corridor. The site is also 20 miles from Taiwan Semiconductor Manufacturing Corporation’s plant, one of the largest foreign investments in U.S. history and the largest ever in the state of Arizona.

The GTIS-owned residential parcel at Asante Trails is approved for a build-to-rent community called Tavalo at Asante. Tavalo at Asante will offer 282 single-story homes (duplexes and detached) ranging from one to three-bedrooms with a gated entry, on-site leasing center, resident lounge, resort-style pool, dog parks and a central park, all contiguous and walkable to the masterplan’s future neighborhood retail center.

Clyde and Simon CRE’s Phase I of the commercial portion of Asante Trails will consist of a 12- acre retail center at the southwest corner of Pat Tillman and 163rd Avenue, providing a mix of neighborhood entertainment and services. 

HonorHealth, a locally governed and operated non-profit healthcare provider, is committed to the responsible development of healthcare services that increase access to world-class care for the community. Rick Murdock, Vice President of Strategic Planning, commented, “With the purchase of 20 acres, HonorHealth is excited for the opportunity to align healthcare services with community needs while partnering with the City of Surprise to improve the health and well-being of those we serve for decades to come.”

Rob Vahradian, Partner & Head of U.S. Investments at GTIS, said, “We are excited about delivering more housing and employment options to the region. This site is strategically located in the rapidly growing Surprise submarket of Phoenix, which is currently undersupplied with rental housing options yet is adjacent to the Loop 303 industrial corridor, Phoenix’s fastest growing job market.”

“We would like to thank the City of Surprise’s Planning Department, City Council, City Manager and Economic Development Director for their leadership and counsel as we navigated through the project’s entitlement process. This acquisition represents a great opportunity for the residents of Surprise to get the commercial services and quality rental housing they need in response to the city’s rapid growth. Asante Trails will be an important part of Surprise’s future and we look forward to being a part of it,” said Theodore Karatz, Managing Director, U.S. Acquisitions and Head of Build to Rent Acquisitions at GTIS.

Jim Stockwell, President at Clyde Capital, commented, “The Phoenix MSA has experienced steady growth over the past five years and continues to face an unprecedented shortage of housing at all price points in every submarket. Asante Trails will be a beautiful master-planned community for the Northwest Surprise neighborhood offering best-in-class healthcare, shopping, dining and housing opportunities, all in a walkable and integrated setting.”

The community is the sixth build-to-rent project for GTIS, marking a total of 1,381 build-to-rent units. GTIS has completed or is in construction on five other locations including Tavalo Cadence, a 197-unit community inside the Cadence master-planned community in Mesa, AZ, Tavalo Queen Creek, 276 units in Queen Creek, AZ, Tavalo Cotton Lane, 144 units in Glendale, AZ and Tavalo Tradition, a 216-unit community in Port St. Lucie, FL. GTIS also owns a fully-entitled site for the future development of a 266-unit build-to-rent community in Avondale, AZ.

GTIS launched Tavalo, a dedicated build-to-rent community development company and a subsidiary of the firm, in April 2023. To learn more about Tavalo, please view the launch announcement here.  

About GTIS Partners

GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston and Munich. The firm was started in 2005 and is managed by President and Founder Tom Shapiro and seven other partners. The firm manages $4.5 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 210 assets across 45 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.

Media Contacts

Mary Beth Grover / Keely Gispan
ASC Advisors
(203) 992-1230
[email protected] / [email protected] 


Originally published at https://www.prnewswire.com/news-releases/gtis-partners-and-clyde-capital-joint-venture-announce-250-million-mixed-use-development-project-in-phoenix-302041685.html
Images courtesy of https://pixabay.com

- Powered of VUGA -Search Engine Optimization (SEO)

latest articles

gossip news

explore more

fashion tv watch free