Global investment manager Hines has paid $16.5 million for its first site in Brunswick.

Set six&nbsp;kilometres from the centre of Melbourne, Mirvac and Milieu Property are currently developing a nearby BTR project on Albert Street with more than 500 rental apartments.

Hines plans to develop a 250-unit BTR apartment complex at the 4247-square metre site at 10 Ballarat Street.

It will have an end value of $250 million.

[smartcode_project:default project_id=94542 project_image_fid=160729]

Sam Bisla, who heads Hines new BTR and co-living business in Australia, said the asset class would deliver &quot;defensive, stable cash flow&quot; for investors.

The warehouse site, leased to Bell Plaster Supplies, sold through Colliers with a permit for an eight-level building of 163 apartments designed by Bruce Henderson Architects.

It is expected planning authorities will grant extra capacity for BTR.

Build to Rent refers to a residential development in which all apartments are owned by the developer and leased out to tenants, as opposed to the build-to-sell model.

The site last sold for $12 million in 2017.

[smartcode_project:default project_id=94542 project_image_fid=160734]

Mirvac and joint venture partner Milieu have a late 2024 scheduled completion date for its a one-hectare site in Brunswick.

Mirvac has estimated the project would cost $172 million to build.&nbsp;

Assemble Futures are currently marketing their take on build-to-rent (Rent-Save-Buy) just a few doors down from the recent sale.

Their 4 Ballarat Street project,&nbsp;with design by&nbsp;Fieldwork Architects&nbsp;and landscape design by Rush Wright, places an emphasis on providing a seamless transition to the natural environment, with each apartment running on 100% renewable energy.

The&nbsp;spacious outdoor areas and floor-to-ceiling glazing provide&nbsp;plenty of light to fill each living space and cross-flow ventilation.&nbsp;

[smartcode_project:default project_id=94542 project_image_fid=160741]

Global investment manager Hines has paid $16.5 million for the 4247-square metre site at 10 Ballarat Street

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