UK: Real estate investment and asset management firm Starlight Investments has bought a BTR scheme in Leeds from local developer Torsion Group.
The 10- and 17-storey two-building scheme, called Flax Place, is currently under construction, and will deliver 300 units in a mix of one-, two- and three-bedroom apartments.
Amenities and features will include a gym, cinema, two rooftop terraces and 63 underground parking spaces. The property’s design also incorporates several sustainability elements.
Situated on the eastern edge of Leeds city centre, the scheme is within walking distance to Kirkgate and close to public transit.
The acquisition is Starlight’s second in Leeds this year. Combined with this acquisition, Starlight UK now has more than 3,600 BTR properties under management.
Jonnie Milich, head of UK residential at Starlight Investments, said: “We are pleased to further strengthen Starlight’s presence in Leeds, one of the UK’s fastest-growing cities. The acquisition of this exceptional Build to Rent community underscores our commitment to investing in the creation of high-quality rental housing in the UK. In 2024, we added over 2,400 suites to our UK portfolio, and we look forward to furthering our expansion in the coming year.”
Dan Spencer, founder and CEO of Torsion Group, said: “The sale of Flax Place to Starlight demonstrates Torsion’s approach to investing in key regional city’s, ensuring alignment and shared commitment to creating high-quality, sustainable accommodation. Starlight’s investment reflects its confidence in our Develop, Construct, Operate model and the thriving Build to Rent market in Leeds. We’re looking forward to delivering a first-class scheme with Starlight and for the Leeds market.”
The Flax Place scheme is Torsion Group’s fourth development in Leeds to secure funding and start in 2024, bringing further investments and job opportunities to the city. Torsion Group is a privately owned residential investor, developer, contractor, operator and asset manager, employing more than 300 people. Since 2015, the company has delivered more than £1 billion of real estate and more than 30,000 beds across the UK.
