SURPRISE, AZ — New York-based GTIS Partners, a global real estate investment firm managing $4.5 billion in gross assets, is partnering with Phoenix-based Clyde Capital on a $250 million mixed-use project on nearly 94 acres at the entrance of the Asante master-planned community in Surprise.
The project will include a 282-unit build-to-rent community, a 20-acre HonorHealth medical campus and a retail center, said Theodore Karatz, managing director of U.S. acquisitions and head of build-to-rent acquisitions at GTIS.
With a total development cost of approximately $75 million, that project will be the sixth BTR project for GTIS, bringing the total number of units to 1,381 in metro Phoenix. They are branded under the Tavalo name, with this one to be called Tavalo at Asante. The site plan is approved for the 25-acre rental community but Karatz said he doesn't have a start date for the project.
