Nuveen Real Estate and Apache Capital Pioneer Partnership for Single Family Build-to-Rent Housing

Posted by UK Property Forums on 29th November 2023 -

Nuveen Real Estate, a global real estate investment giant with assets under management totalling $152 billion, has forged a joint venture with Apache Capital, a renowned UK-focused real estate investment manager.

The collaboration aims to fuel the development of single-family BTR housing across the United Kingdom, with a long-term commitment to each project’s development and operation by Present Made, Apache Capital’s wholly owned single-family BTR platform.

Operating on a programmatic basis, the joint venture between Nuveen Real Estate and Apache Capital will assess each site, while actively seeking additional opportunities to expand the portfolio of Present Made.

The first site to receive funding under this venture is Present Made’s visionary 373-home development in Eddington, Cambridge.

This development is carried out in collaboration with the University of Cambridge, enjoying full planning approval and forming a component of the University’s North West Cambridge masterplan.

The North West Cambridge masterplan, spanning 150 hectares, includes 3,000 homes, 2,000 student beds, 100,000 square meters of employment space, and 5,300 square meters of retail space. Of the homes planned, 50% are designated for University key workers as affordable housing.

Present Made of Eddington is poised to be Cambridge’s first purpose-built and designed rental housing development, featuring on-site professional management and an array of amenities.

These amenities include a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema, and co-working space.

The development emphasises a holistic approach, not just providing quality housing but fostering a community through an extensive calendar of social and wellbeing activities.

Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Single family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”

The Present Made team is aiming to provide round-the-clock resident support, overseeing all maintenance, and organising a diverse range of activities throughout the year. From zero waste pop-ups to cultural celebrations, live music, and charitable events, residents can expect a vibrant and engaging community atmosphere.

Construction is set to commence later this month, with Bennett Construction leading as the main contractor and practical completion anticipated in late 2025.

The ambitious Eddington project is targeting Code for Sustainable Homes Level 5, aligning with the latest Part L Building Regulations to achieve heightened energy efficiency and substantial reductions in CO2 emissions.

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