When Hines acquired Blu South on the Rail in suburban Charlotte, North Carolina, the deal marked the real estate firm's entry into the emerging market of build-to-rent homes.
Hines bought the development in the Charlotte suburb of Pineville in March 2024 for $156.5 million, according to public records. The seller was Landmark Properties, and Hines made the acquisition through its U.S. Properties Partners fund.
The deal was selected as the winner of a 2025 CoStar Impact Award for acquisition of the year for Charlotte, as judged by a local team of real estate professionals familiar with the market.
Homes at Blu South have opened in phases, and the final properties are expected to be up and running this year. The complex includes a large clubhouse with an outdoor swimming pool, pickleball courts and gathering spaces.
"Blu South offers optionality for Charlotte residents seeking exceptional housing that is attainably priced and conveniently located," Paul Zarin, managing director at Hines, said in an April 2024 news release.
About the deal: Blu South will ultimately include 551 units with three- and four-bedroom townhouses along with single-family detached homes and duplexes on a 75-acre site.
They made it happen: Casey Sherman, senior director, and John Gavigan, managing director, at JLL.