(CHARLOTTE, N.C.) – Hines, the global real estate investment manager, today announced that Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund, has acquired Blu South, a best-in-class, build-to-rent (BTR) community located at 920 Blu Central Rd. in Pineville, North Carolina. Serving as Hines’ first BTR acquisition in the U.S., this announcement represents the firm’s confidence in the growing sector, and the alternatives sector more generally, and the Charlotte market. HUSPP has deployed nearly $800 million over the past 12 months across build-to-rent, industrial, grocery-anchored retail, medical office, and select developments around the U.S.
“This strategic acquisition expands our alternatives portfolio, capitalizing on a Class A BTR community that supports long-term demographic tailwinds as people look for more space amid a challenging home buying market,” said Adriana de Alcantara, HUSPP fund manager at Hines. “We’re proud to be adding more housing to the Charlotte MSA, and view this as a strong long-term investment for our core-plus strategy.”
Upon completion, Blu South will feature a total of 551 individually platted homes ranging from three- and four-bedroom townhomes, single-family detached houses, and duplexes across 75-plus acres. Of the planned 551 homes, 341 have already been delivered, with the remainder expected to be fully delivered by the third quarter of 2025.
“We’ve been actively investing and developing in North Carolina for many years and have been looking for the right opportunity to re-establish our presence in Charlotte given the secular tailwinds that make it a compelling market for investment,” said Paul Zarian, managing director at Hines. “Blu South offers optionality for Charlotte residents seeking exceptional housing that is attainably priced and conveniently located. It is rare to find a build-to-rent community that is adjacent to transit and centrally located among the city’s major employment nodes. That is the type of location that we have conviction in long-term.”
Added Alfonso Munk, Americas Chief Investment Officer, “We have conviction in the build-to-rent sector, especially with higher-for-longer rates expected to tamp down home buying and a clear trend of people looking for walkable, amenitized living areas. There remains significant opportunity to provide residents the benefits of institutionally managed rental homes, without the burden of home buying.”
Blu South offers a diverse array of amenities, including a 15,000-square-foot clubhouse with a fitness center, resort-style swimming pool, golf simulator, dog parks, a pet spa, and pickleball and basketball courts. Homes feature two-car garages with space for two additional vehicles – a differentiated amenity for BTR communities in the South End submarket that provides residents with added flexibility. Blu South operates as a unified community with on-site leasing and management, offering tenants the lifestyle luxuries of a multifamily building with the convenience, space and privacy of single-family homes. The property provides walkable access to Charlotte’s light rail system via the I-485/South Blvd. station, as well as convenient road access to Interstate 485.
Casey Sherman and John Gavigan of the JLL Carolina’s Capital Markets Team handled the sale on behalf of the seller. For more information on Blu South or to inquire about leasing opportunities, please visit www.blusouthtownhomes.com.
HUSPP has deployed nearly $800 million over the past 12 months across build-to-rent, industrial, grocery-anchored retail, medical office, and select developments around the U.S.
HUSPP is an open-ended, diversified fund targeting next-generation assets in top-performing submarkets throughout the United States. The fund’s strategy is to “buy, build, and manage to core” through research-driven portfolio construction, smarter submarket and sector selection, vertically integrated value creation, and product designed for future demand. HUSPP expects to continue to invest across the living, industrial, office and mixed-use sectors, as well as select alternative sectors, such as life sciences, self-storage, and others, to construct a diversified portfolio that targets a balance of yield and growth.
About Hines
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media. #MarketingCommunications
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.
