GTIS Partners and Clyde Capital, in collaboration, have unveiled the blueprints for Asante Trails, a $250 million mixed-use project located in Surprise, a suburb of Phoenix. Encompassing 90 acres of land, the development is set to include a build-to-rent community, retail space, and a medical facility.
As part of the land acquisition process, GTIS and Clyde decided to sell 20 acres of the project site to HonorHealth, one of Arizona’s largest hospital systems, in Arizona. This land will be used for the development of a medical facility. Furthermore a joint venture between Clyde and Simon CRE will be allocated 45 acres, for the construction of a multi-phase retail center. GTIS will keep the remaining 25 acres for build-to-rent homes.
GTIS and Clyde first became interested, in the property in April 2021. They went through the process of rezoning and obtaining site planning approvals to secure the entitlements. The Asante Trails project site in Surprise is situated 40 miles northwest of downtown Phoenix along North 163rd Avenue with U.S. Highway 60 and Pat Tillman Boulevard serving as its boundaries. Notably it is located across from a center spanning 175,000 square feet and is only about a mile away from a Loop 303 interchange ensuring convenient access, to the bustling industrial corridor of Route 303.
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“We’re thrilled to be able to bring housing and employment opportunities to the area ” explains Rob Vahradian, a partner and leader of U.S. Investments, at GTIS. “This location is strategically positioned in the expanding Surprise submarket of Phoenix, an area that currently lacks rental housing options. It’s also conveniently adjacent, to the Loop 303 corridor, which happens to be Phoenix’s growing job market.”
The residential offerings at the Asante Trails project in Surprise
The residential plot owned by GTIS has been given the green light, for a community called Tavalo at Asante, which will focus on providing build-to-rent homes. This development will include 282 single-story homes with one to three bedrooms in layouts. The community will have an entrance, a leasing center on-site a lounge area for residents, a pool with a resort-like atmosphere dedicated spaces, for dogs to roam freely and a central park for everyone to enjoy.
Asante Trails project in Surprise is GTIS’ sixth build-to-rent project adding to their existing portfolio of 1,381 build-to-rent units in Arizona and Florida. In April 2023 GTIS introduced Tavalo, a company focused on developing build-to-rent properties.
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In the initial phase of the commercial segment by Clyde and Simon CRE, a 12-acre retail center is planned to provide a blend of local entertainment and services. Specifics about the healthcare aspect of the project were not disclosed, and neither was a construction timeline.
HonorHealth, a healthcare provider that operates as a profit organization, with local governance is dedicated to responsibly expanding healthcare services to ensure the community has access to exceptional care. Rick Murdock, Vice President of Strategic Planning expressed his enthusiasm about acquiring 20 acres. The chance it provides to align healthcare services with the needs of the community. He also highlighted the collaboration, with the City of Surprise to enhance the health and well-being of those they serve for years.
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“We express our gratitude, to the Planning Department, City Council, City Manager and Economic Development Director of the City of Surprise for their guidance and expertise throughout the approval process of this project. The acquisition presents an opportunity for the residents of Surprise to access commercial services and high-quality rental housing in response to the city’s rapid growth. Asante Trails project in Surprise holds importance in shaping Surprise’s future and we eagerly anticipate our involvement in this endeavor ” stated Theodore Karatz, Managing Director of U.S. Acquisitions and Head of Build to Rent Acquisitions, at GTIS.
