The Gladstone, which is South Caroline-based Greystar’s first Build to Rent tower in Australia, has opened its doors with two months’ free rent in Melbourne. 

The largest apartment manager in the US, with over 726,826 units/beds as of 2023 has spent $500 million on the triple tower project, with 700 apartments across three buildings of up to 30-storeys in South Melbourne.  

Apartments are available from $600 a week for a one-bedroom, one-bathroom studio unit to $1,365 a week for a three-bedroom, two-bathroom apartment. 

It includes remote working spaces, wine room, rooftop terraces and bars, and outdoor cinema, and pet spa. In addition, there is a 330sqm gym, pilates studio, indoor lap pool and outdoor lagoon pool for residents. 

“Australian renters have been limited in their access to quality, fit-for-purpose homes for too long. The Gladstone’s opening marks Greystar’s first major milestone in changing this reality,” Greystar Australia Managing Director Matt Woodland (pictured) said. 

BTR, which first gained traction in Australia around 2019, now has 50,000 apartments in planning across 156 projects including 10,355 under construction, according to an Urbis report released in May. 

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