Surprise, Ariz. — A joint venture between GTIS Partners and Clyde Capital has released plans for Asante Trails, a $250 million mixed-use project in Surprise, a suburb of Phoenix. The development will feature a build-to-rent community, retail space and a medical facility, all of which will be built across 90 acres of land.
In conjunction with the land acquisition, GTIS and Clyde sold 20 acres within the project site to HonorHealth, one of Arizona’s largest hospital systems, to develop the medical facility. Additionally, 45 acres will be allocated to a joint venture between Clyde and Simon CRE for the development of a multi-phase retail center. GTIS will retain the 25-acre balance of the site for build-to-rent homes.
GTIS and Clyde initially pursued the property in April 2021 and took the project through a rezoning and site planning approval process as they secured entitlements. The site is 40 miles northwest of downtown Phoenix, located along North 163rd Avenue and bound by U.S. Highway 60 and Pat Tillman Boulevard. It is directly across from a 175,000-square-foot retail center and is about one mile from a Loop 303 interchange, providing convenient access to the 303 industrial corridor.
“We are excited about delivering more housing and employment options to the region,” says Rob Vahradian, partner and head of U.S. investments at GTIS. “This site is strategically located in the rapidly growing Surprise submarket of Phoenix, which is currently undersupplied with rental housing options yet is adjacent to the Loop 303 industrial corridor, Phoenix’s fastest growing job market.”
The GTIS-owned residential parcel is approved for a build-to-rent community named Tavalo at Asante. The development will feature 282 single-story homes ranging from one- to three-bedroom layouts. There will be a gated entry, onsite leasing center, resident lounge, resort-style pool, dog parks and a central park.
The community marks the sixth build-to-rent project for GTIS, which now maintains a portfolio of 1,381 build-to-rent units across Arizona and Florida. GTIS launched Tavalo, a dedicated build-to-rent development company and a subsidiary of the firm, in April 2023.
Clyde and Simon CRE’s Phase I of the commercial portion will consist of a 12-acre retail center, which will offer a mix of neighborhood entertainment and services. Further details regarding the healthcare component of the project were not provided, nor was a construction timeline.
GTIS is a global real estate investment firm headquartered in New York City. Managing $4.5 billion in gross assets, the firm is active across a wide range of real estate sectors such as single-family and multifamily housing, office, industrial and hospitality, as well as opportunity zone investments.
Clyde is a vertically integrated commercial real estate investment and development company based in Phoenix.
— Kristin Harlow