Greystar has unveiled its first UK garden-style rental housing development, with the company targeting delivery of up to 20,000 such rental homes over the next four years.

The new strategy has launched with the acquisition of a development site at Waterbeach, Cambridgeshire, from master developer Urban&Civic, where Greystar aims to deliver its first so-called garden-style rental community. The development is backed by Greystar Equity Partners Europe II, the company's recently closed €2.7B pan-European residential fund.

Greystar first outlined its plans at Bisnow's Build-To-Rent Annual Conference in June.

Waterbeach consists of 387 rental homes and will sit within Urban&Civic's 6,500-home master plan on the former Waterbeach Barracks site, which is 4 miles north of Cambridge.

The development will include a mix of market-rent and discounted market-rent homes, plus shared amenities including communal spaces, coworking facilities, a gym and more than 7K SF of retail and amenity space.

Subject to approval of a reserved matters planning application, construction is expected to begin in the first quarter of 2027.

The approach marks the next stage of Greystar's UK living platform, expanding its focus into high-employment growth locations with constrained housing supply, strong job creation and population growth, the company said of the launch.

Garden-style rental housing combines lower- and mid-rise homes, green space, shared amenities and professional management and is typically designed for long-term renters, Greystar said.

"We've taken everything we've learned from delivering rental housing internationally and adapted it to meet UK planning requirements, local priorities and renter expectations," Greystar Managing Director of UK Development Thomasin Renshaw said in a statement.

"Waterbeach is the first demonstration of that approach, creating a blueprint we believe can be replicated across other high-employment growth locations.”

The move significantly broadens Greystar's UK living platform beyond its established build-to-rent and student accommodation operations. While the company has become one of the country's largest institutional residential operators through high-density apartment schemes in cities including London, Birmingham and Manchester, the new strategy will target suburban and edge-of-city locations.

The developer said it has identified a pipeline of opportunities in regions with major employment growth, infrastructure investment and university expansion, where affordability pressures and limited housing delivery continue to constrain labour markets.

The approach also reflects growing investor appetite for single-family and low-rise rental communities, an asset class that has matured rapidly in the U.S. but remains relatively underdeveloped in the UK.

Greystar has been active in the UK since 2013 and manages nearly 60,000 homes and student beds.