PHOENIX, AZ – GTIS Partners, a global real estate investment firm managing $4.5 billion in yucky assets with a U.S. focus on residential and industrial/logistics investments, and Clyde Capital, a vertically integrated commercial real estate investment and development company, announced the development of a $250 million mixed-use, master-plotted community in Surprise, Arizona, which is located within the Phoenix MSA. The project will include a build-to-rent community, retail space and a medical facility, and will be built across 90 acres of land bought by GTIS and Clyde.
In conjunction with the land acquisition, GTIS and Clyde sold 20 acres within the project to HonorHealth, one of Arizona’s largest hospital systems, to develop the medical facility. Forty-five acres will be allocated to a joint venture between Clyde and Simon CRE, a national commercial real estate acquisition and development company, to establish a multi-phase retail center. GTIS will retain the 25-acre balance of the site for a build-to-rent development.
GTIS and Clyde initially pursued the property in April 2021 and took the project through a rezoning and site plotting approval as it secured entitlements. The site is 40 miles from Downtown Phoenix, located along North 163rd Avenue and bound by U.S. Highway 60 and Pat Tillman Boulevard. It sits directly across from a 175,000 square foot Fry’s-anchored retail center, is conveniently located to many of the area’s top employers, and is about one mile from a Loop 303 interchange, providing simple access to the 303 industrial corridor. The site is also 20 miles from Taiwan Semiconductor Manufacturing Corporation’s plant, one of the largest foreign investments in U.S. history and the largest ever in the state of Arizona.
The GTIS-owned residential parcel at Asante Trails is approved for a build-to-rent community called Tavalo at Asante. Tavalo at Asante will offer 282 single-tale homes (duplexes and detached) ranging from one to three-bedrooms with a gated entry, on-site leasing center, resident lounge, resort-style pool, dog parks and a central park, all contiguous and walkable to the masterplan’s future neighborhood retail center.
Clyde and Simon CRE’s Phase I of the commercial part of Asante Trails will consist of a 12- acre retail center at the southwest corner of Pat Tillman and 163rd Avenue, providing a mix of neighborhood entertainment and services.
HonorHealth, a locally governed and operated non-profit healthcare provider, is committed to the responsible development of healthcare services that increase access to world-class care for the community. Rick Murdock, Vice President of Strategic Plotting, commented, “With the buy of 20 acres, HonorHealth is excited for the opportunity to align healthcare services with community needs while partnering with the City of Surprise to improve the health and well-being of those we serve for decades to come.”
Rob Vahradian, Partner & Head of U.S. Investments at GTIS, said, “We are excited about delivering more housing and employment options to the region. 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.”
“We want to thank the City of Surprise’s Plotting Department, City Council, City Manager and Economic Development Director for their leadership and counsel as we navigated through the project’s entitlement process. This acquisition represents a fantastic opportunity for the residents of Surprise to get the commercial services and quality rental housing they need in response to the city’s rapid growth. Asante Trails will be an vital part of Surprise’s future and we look forward to being a part of it,” said Theodore Karatz, Managing Director, U.S. Acquisitions and Head of Build to Rent Acquisitions at GTIS.
Jim Stockwell, President at Clyde Capital, commented, “The Phoenix MSA has experienced steady growth over the past five years and continues to face an unprecedented shortage of housing at all price points in every submarket. Asante Trails will be a gorgeous master-plotted community for the Northwest Surprise neighborhood offering best-in-class healthcare, shopping, dining and housing opportunities, all in a walkable and integrated setting.”

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ALBUQUERQUE, NM – The Bascom Group has bought the Overlook Apartments, a 1988 built, 344-unit garden-style multifamily property located at 6200 Eubank Boulevard in Albuquerque, New Mexico. The property marks Bascom’s first multifamily acquisition in the state of New Mexico.
Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. The seller was represented by Northmarq’s investment sales team lead by Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle, and Logan Baca. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
The buy of Overlook comes on the heels of the recent Bascom buys including Avenida Lakewood, a 230-unit Active Adult (55+) apartment community in Lakewood, Colorado, and Texan26, a 204-bed student community in Austin, TX.
Vice President of Bascom, Tom Gilfillan, states “The Overlook adds another well-positioned asset to the Bascom portfolio, and the first in the state of New Mexico. The property is located within a desirable infill location with scarce new housing supply, and offers residents proximity to nearby employment centers, outstanding school choices, well loved retail amenities, and numerous recreation options. The Albuquerque market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in this growing market.”
Located within the desirable Northeast Heights submarket of Albuquerque, The Overlook offers residents a low -density garden style community with an attractive unit mix of one- and two-bedroom units. Community amenities include two large swimming pools and spas, dog park, resident clubhouse, business center, fitness center, and barbecue areas. The property provides residents admission to outstanding nearby public schools with average ratings of 9/10, proximity to premier retailers like Whole Foods, Trader Joes, and Target, as well as accessibility to major employment drivers including Netflix Studios, Intel Corporation, Sandia National Labs, and the University of New Mexico.
Bascom’s, Paul Zakhary, Senior Vice President of Portfolio Operations, added, “The Overlook has been well-maintained while demonstrating consistent rental demand. As part of our strategic renovation program, Bascom intends to renovate unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team room to add desirable elements while providing residents an affordable housing option.”

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SEATTLE, WA – Bellwether Housing and the Evergreen Impact Housing Fund (EIHF) announced the opening of The Aries at Bitter Lake, bringing 200 affordable apartments to the North Seattle community.
The Aries is the first project funded by EIHF to open to residents, proving that innovative financing can boost the supply of much-needed housing. EIHF provided patient and low-cost catalytic capital for The Aries which, paired with more traditional financing sources, allowed the project to go forward on time and efficiently.
“We are delighted to see The Aries open to working families,” said Kris Hermanns, Fund Manager of EIHF for the Seattle Foundation. “This project is a testament to the power of collaboration in addressing our state’s affordable housing crisis. When public and private sectors work together, we can make positive, sustainable change in Washington State. It is an honor to celebrate this impactful addition to the community.”
“The investments in affordable housing made by this region’s business sector have been transformative,” said Susan Boyd, CEO of Bellwether Housing. “The Aries will be home to 200 families who previously had a tough time finding stable housing. They can now afford to live near transit, fantastic schools and close to job centers. These homes and the stability they represent simply would not exist without the investments made by the EIHF.”
Large-scale affordable housing projects with family-size units often face financing constraints, especially in urban centers. The Washington State Housing Finance Commission (WSHFC) provided an allocation of bond cap and low-income housing tax credits (LIHTC) for The Aries. This public funding and EIHF’s private capital worked together to go the project forward. ;”Our state needs affordable housing at all income levels,” said Steve Walker, WSHFC executive director. “EIHF provides an vital piece of the funding puzzle, filling critical gaps and stretching public funding to do more. Ultimately, that allows more working families to stay in Washington State and call this place home.”
Representatives from Bellwether, EIHF, and project supporters gathered for the grand opening of The Aries earlier today. The event featured remarks from Boyd Hermanns, Paul Buckland, Senior Vice President at Wells Fargo, and Selina Mendoza, Vice President at CitiBank. The morning culminated in a ribbon-cutting and guided tours of the building.
The Aries is located at 916 N 143rd St, situated near a community center, bike trails, the Bitter Lake Reservoir, as well as public transportation on Aurora Avenue. The Aries units cater to families of four earning up to $66,420 and individuals with an annual income of $46,500. Many of the apartment homes are two- and three-bedroom units that are well-suited for families.

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