UK: Nuveen Real Estate and Apache Capital have formed a JV to fund SFR housing across the UK, with sites to be developed and operated by Present Made, Apache Capital’s SFR platform.
The JV will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate 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 and has full planning approval. The scheme forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes, 2,000 student beds, 100,000 square metres of employment space and 5,300 square metres of retail.
Alongside housing built exclusively for rent, Present Made of Eddington 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 co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.
The Present Made team will provide round-the-clock resident support, be responsible for all maintenance as well as running a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.
Start on-site at Eddington is expected later this month. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BentallGreenOak has provided a development loan facility for the project.
The scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.
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. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”
John Dunkerley, chief executive officer at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”
