Nuveen Real Estate has formed a joint venture with Apache Capital to fund single-family build-to-rent (BTR) housing across the UK.
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.
The scheme forms a key part of the university’s 150ha North West Cambridge masterplan, which includes 3,000 homes, of which 50% are for university key workers as affordable housing.
The project will also deliver 2,000 student beds, just over 1m sq ft of employment space and 57,000 sq ft of retail.
Alongside housing, the development 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.
Work on the development is expected to begin later this month, with practical completion expected in late 2025.
All sites will be developed and operated by Present Made, Apache Capital’s wholly owned single-family BTR platform.
Jasper Gilbey, head of housing, alternatives and strategic transactions at Nuveen, 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 of Apache, added: “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.”