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Transactions - JANUARY 5, 2022

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Hines enters first Arizona build-for-rent project in the U.S.

by Released

Hines has entered into a joint venture agreement with a subsidiary of New York Life Insurance Company to develop the firm’s first build-for-rent project in the United States.

Encompassing 12.9 acres, Enclave Point is a single-story, build-for-rent multifamily project that will provide modern wood-framed apartment-style homes in Surprise, Ariz., which is one of the fastest-growing submarkets outside of Phoenix. The community will offer a mix of standalone two-bedroom/two-bathroom units and attached one-bedroom/one-bathroom units. All units will come with stainless-steel appliances, quartz/stone countertops, walk-in closets with wood-shelving, vinyl-wood plank floors, and smart-home technology packages. Each unit also will have access to personal outdoor space, with a yard and a built-in dog door. Amenities at Enclave Point will include a resort-style pool, adjacent clubhouse, co-working spaces, state-of-the-art fitness gym and spacious dog park.

Surprise is the 10th-l

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