Nuveen and Apache Capital form jv for single-family housing platform

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 sites will be developed and operated by Present Made, Apache Capital’s wholly owned single-family BTR platform. The jv will operate on a programmatic basis, with each site assessed individually. Nuveen and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio. The first site to be funded will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge. The scheme forms a key part of the university’s 370-acre north-west Cambridge masterplan, which includes 3,000 homes – 50% of which are for university key workers, 2,000 student beds, more than 1m sq ft of employment space and 57,000 sq ft of retail. Present Made of Eddington will also provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema, and co-working space. 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.” Limor Shklaz, director of housing, alternatives and strategic transactions at Nuveen Real Estate, said: “Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing.” Alan Penfold, managing director at Present Made, said: “There is growing demand for high-quality rental housing outside of city centres that provides both a lifestyle and a home, which we are looking to satisfy through Present Made, with Eddington serving as ‘proof-of-concept’ through the quality of its consumer offering.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image: Apache Capital