UK: Real estate fund manager Moorfield Group has completed the construction of The Apiary, an 81-unit coliving scheme in Ealing, west London.
The scheme marks Moorfield’s first investment in the coliving sector. The Apiary is a modern building adjacent to Ealing Broadway station which includes independent studios, en-suite bathrooms and kitchens and shared amenity spaces.
Designed to achieve BREAAM Very Good as a minimum standard, The Apiary’s amenity spaces, include a private dining area, wellness studio and rooftop terrace with expansive views over the city.
The Apiary was forward funded by Moorfield’s fifth value-add fund, Moorfield Real Estate Fund V (MREFV). In January, Moorfield also announced a funding agreement for a 440-home BTR development in Greater Manchester.
Heiko Figge, head of operational asset management at Moorfield Group, said: “Construction completion for our first co-living investment marks a major milestone within our UK living sector strategy and follows our extensive experience in purpose-built student accommodation and build-to-rent. There remains a structural under-supply of high-quality homes for rent, especially in major cities like London, and we see harnessing institutional capital into residential investment as being key to solving the housing crisis. The Apiary’s quality design, amenities and robust sustainability credentials will provide a top-tier rental offering to one of London’s most vibrant and accessible submarkets, perfectly located to suit the needs of young professionals.”
