The 71,000sqm site located in the suburb of Voula is expected to be developed into over 400 units with shared amenities, private gardens, pools and security.
Henderson Park and Hines intend to deliver the residential-for-sale project in phases over the next four years.
The latest partnership is the third Greek joint venture between Henderson Park and Hines, having previously acquired the Grand Hyatt hotel in Athens and a portfolio of resort hotels on the island of Crete together. The duo also have joint ventures in Spain and the UK.
Nick Weber, founding partner of Henderson Park, said: “With this transaction, we have been able to extend our commitment to the Greek market while gaining control of a high-potential residential development project in one of Athens’ most sought-after prime locations and at an attractive entry basis.”
Paul Gomopoulos, senior MD and country head for Greece at Hines said: “We will draw on our international expertise in residential development to deliver a high-quality product to international standards, one that will serve as an excellent example of Hines’ capability as we grow our residential platform in Greece and in the Living sector across Europe.
“Our latest investment with Henderson Park underlines the strength of our partnership in Greece and across Europe.”
