Nuveen And Apache Capital Team Up To Target National SFR Opportunities
Nuveen Real Estate has formed a joint venture with UK-focused real estate investment manager Apache Capital to fund single-family build-to-rent housing across the UK.
All of the sites will be developed and operated by Present Made, Apache Capital’s wholly owned single-family BTR platform.
Nuveen Real Estate and Apache Capital will work together to continue to source opportunities to grow Present Made’s portfolio, the companies said, with sites chosen on a location-by-location basis.
The first site to be funded through the joint venture will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge and has full planning approval.
The scheme forms part of the University’s 371-acre North West Cambridge master plan, which includes 3,000 homes, of which 50% are being built for University key workers as affordable housing. The development also consists of 2,000 student beds, 1.1M SF of employment space and 57K SF of retail.
Present Made said Eddington's residential component will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and coworking space.
On-site construction is expected to begin in late October, and Bennett Construction has been appointed as the main contractor, with practical completion expected in late 2025. BentallGreenOak has provided a development loan facility for the project.
“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,” Nuveen Real Estate Head of Housing, Alternatives and Strategic Transactions Jasper Gilbey said in a statement. “Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge.”