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Atlanta-based developer and property manager Cortland and New York-based investor KKR are in the vanguard of a new wave of North American build-to-rent investment now landing in Birmingham.
Cortland and partner Harrison Street have bought the Broad Street/Ryland Street site promoted by local developer Taylor Grange. A 440-unit BTR residential scheme is planned with the 35-storey development expected to be complete by mid-2024, Birmingham Live reported.
Cortland has been expanding its UK BTR platform since 2017. The partnership with Harrison Street dates from last year and has a £750M pipeline.
Meanwhile New York-based investor KKR and partner Apache Capital have signed a BTR development deal with Moda Living.
The £610M deal will unlock Moda’s 398-unit development at New Garden Square in Edgbaston.
The Americans are buying into a rapidly warming UK BTR sector in which Birmingham is now claiming an increased share of investment.
Knight Frank figures show that, in the first half of this year, £2.35B was invested into the UK’s BTR sector, up 79.8% on the same period last year.
Around 70% of funds committed in the first half of 2021 were for schemes outside of London, reflecting investor confidence in the fundamentals which underpin those regional markets.
After London, Birmingham has attracted the most investment by value so far this year, but the figures also point to a trend of rising activity in tier 2 cities, including Derby, Leicester and Southampton, Knight Frank said.
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