Real Estate has joined forces with UK-focused real estate investment manager Apache Capital to fund single-family build-to-rent (BTR) residential projects.
The partnership鈥檚 sites will be developed and operated by Apache Capital鈥檚 single-family BTR platform Present Made.
The newly created venture鈥檚 first project will be Present Made鈥檚 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge, Nuveen said, adding that the partnership will continue to source other opportunities to grow Present Made鈥檚 portfolio.
The Eddington project 鈥� funded with a loan from (BGO) 鈥� is expected to be completed in late 2025.
Jasper Gilbey, the head of housing, alternatives and strategic transactions at Nuveen Real Estate, said: 鈥淪ingle-family housing remains one of our core investment strategies within the living space 鈥� underpinned by a chronic undersupply of high quality professionally managed rental accommodation.
鈥淥ur 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.鈥�
Limor Shklaz, director of housing, alternatives and strategic transactions at Nuveen Real Estate, said the design and development of the Present Made of Eddington scheme will apply 鈥漧eading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain 鈥� ultimately to the benefit of our residents鈥�.
John Dunkerley, CEO at Apache Capital, said: 鈥淲ith Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made.
鈥淥ur flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University鈥檚 wider ambitions with the North-West Cambridge masterplan.鈥�
Martin Sheridan, managing director in BGO鈥檚 European debt team, said the transaction is consistent with 鈥渙ur debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community鈥�.
鈥淲e have worked with the wider Apache group on multiple multi-family deals over the years and are excited to play a role in their new single-family housing platform as well,鈥� he added.
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