(SURPRISE, ARIZ.) – Hines, the international real estate firm, 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, Arizona, which is one of the fastest-growing submarkets outside of Phoenix. The community will offer a mix of standalone 2-bedroom/2-bathroom units and attached 1-bedroom/1-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 for an elegant and technologically advanced finish to all apartments. Additionally, each unit 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 tenth-largest city in Arizona and has experienced significant population growth due to the increased commercial development along State Route 303. This has sparked significant interest from companies across a variety of industries to move their offices along this route and created a need for new housing options to accommodate the growth.
“Hines is proud to introduce its first build-for-rent project in the United States to give residents the benefits of single-family-style living and desirable amenities paired with the flexibility of renting,” said Jim Bulsiewicz, director at Hines. “We are excited to partner with the New York Life team on this and future developments.”
Chris Hunt, Senior Director for New York Life Investors commented: “Similar to what we saw with our Chandler Viridian development with Hines, Enclave Point is well-suited for the dynamic and fast-growing Surprise market and will offer a high-quality offering with an unparalleled amenity base for its tenants.”
Construction is projected to commence in the Q4 of 2022 and be completed in 2024.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies2.
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
2.Individual independent rating agency commentary as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+) . The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.