Apache Capital and Global investor KKR have struck a deal to invest £610m in the construction of more than 4,000 build-to-rent apartments by Moda Living. The planned £1.7bn project pipeline will cover core cities, with initial sites identified in London, Brighton & Hove and Birmingham.
Moda Living build-to-rent apartments Design features
The build-to-rent apartments will be developed to the latest design specifications, with high levels of on-site amenities and service provision for the residents. Managing Director at Moda Living, Tony Brooks stated: “With the partnership of Apache Capital and KKR we will develop the next generation of build-to-rent neighbourhoods that will create new standards for style and service while satisfying the growing demand for high quality rental housing that is responsive to modern lifestyles”. The Apache Capital and KKR joint venture follows the success of a second Apache Capital and Moda’s operational multifamily build to rent project, Moda, The Lexington, in Liverpool, which 60% of apartments already got leased two months after launch. Moda’s flagship project, Moda, Angel Gardens, in Manchester, is fully stabilised, having set new sector benchmarks for rents achieved.
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Rosa Brand, Director at KKR, added: “We are happy working alongside Apache Capital, and Moda Living who are highly experienced strategic partners and with excellent track records, over the long-term, to offer a best in class portfolio in the build-to-rent residential sector, which is a thematic priority for KKR.” The CEO and co-founder of Apache Capital, John Dunkerley also said that their strategic partnership with KKR shows the growing maturity of the UK build-to-rent sector, which continues to attract global institutional capital from its favourable demand-supply dynamics and defensive, counter-cyclical features.
The collaboration is consistent with the strategy of developing a premium build-to-rent apartments marked by high levels of service and amenity provision and we look forward to seeing the schems completed.