UK: Hines has acquired Blu South, a BTR community in Pineville, North Carolina, its first US acquisition in the sector.
The development was acquired via the Hines U.S. Property Partners (HUSPP), the firm’s flagship commingled US core plus fund.
Upon completion, Blu South will feature 551 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.
Blu South offers a diverse array of amenities, including a 15,000-square-foot clubhouse with a fitness centre, 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.
“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.”
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.
