Nuveen Real Estate has formed a joint venture with Apache Capital to fund single-family build-to-rent (BTR) housing across the UK.
The JV will operate on a programmatic basis, with each site assessed individually, and all sites will be developed and operated by Apache Capital’s wholly-owned single-family BTR platform Present Made.
The first site funded by the JV will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge.
Bennett Construction has been appointed as main contractor for Present Made of Eddington and it is anticipated a start on site will be made later this month with practical completion expected in late 2025. BentallGreenOak has provided a development loan facility for the project.
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.”
Limor Shklaz, director of housing, alternatives and strategic transactions at Nuveen Real Estate, added: “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. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”
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.”
Alan Penfold, managing director at Present Made, said: “Between Nuveen Real Estate and the University of Cambridge’s estates division, we have two best-in-class partners to support the delivery of Present Made of Eddington. 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.”
Martin Sheridan, managing director in BGO’s European debt team, said: “BGO are very pleased to be supporting the Nuveen and Present Made JV in building out this prestigious and innovative single-family housing development in Cambridge. The transaction is consistent with our debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community. We have worked with the wider Apache group on multiple multi-family deals over the years and are excited to play a role in their new single-family housing platform as well.”
