Hines has plans for a build-to-rent residential project located on 36–58 Macaulay Road in North Melbourne, reported Australian media outlets.
The 3,068-square-meter (33,024-square-foot) site has been approved for a two-tower residential complex, with about 220 units.
It is the second site in Melbourne that Hines has purchased. The firm also has acquired a 4,247-square-meter (45,714-square-foot) site in Brunswick for a 250-unit BTR apartment complex.
“Australian BTR is a key strategic market for growth for our firm and investors globally; therefore, we are thrilled to be growing our platform in the region,” Sam Bisla, head of living, Australia, at Hines, told the Australian Financial Review.
