Local: Residential has acquired a 355-unit build-to-rent apartment development at 15–37 Bank St. in South Melbourne from Hines, with a stabilized asset value of A$370 million (approximately $259 million), reported Australian-based media outlets.
The project will deliver a mix of studios and one-, two- and three-bedroom apartments, with 10 percent designated as affordable housing. It marks Local’s second project in South Melbourne, following its 406-unit development at 245 Normanby Road due for completion later this year. Backed by Macquarie Asset Management, Local now controls a national portfolio of about 4,000 units with a stabilized value of A$3.25 billion (about $2.28 billion), including 2,156 operational units valued at A$1.55 billion (approximately $1.09 billion).
The development is located on the fringe of Melbourne’s CBD in the Domain precinct near Royal Botanic Gardens Melbourne and Albert Park Lake, with tram access to the CBD in under 20 minutes and ra
