UK-based real estate company Apache Capital has announced the formation of a joint venture with Nuveen Real Estate, a TIAA company, to fund the delivery of single-family build to rent housing, which will be developed and operated by its wholly owned single-family platform Present Made.
The first site to be funded through this JV will be Present Made’s 373-home scheme in Eddington, Cambridge, which forms a key part of the University’s North-West Cambridge Master-plan.
Alongside high-quality 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.
Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BGO, which has previously provided debt financing for our prime multi-family assets, provided a development loan facility for the project.
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, added: “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.”
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