Rent-to-Live Co (RTL Co), an Australian build-to-rent (BTR) venture backed by APG and Bouwinvest, has secured a development site in Sydney for its first project, which is expected to have an end value of A$1.5bn (€944m).
RTL Co, which was established last year by Scape Australia founders - Craig Carracher and Stephen Gaitanos - acquired the Timberyards site, “one of the only large-scale urban redevelopment sites” in Marrackville, an Inner west suburb, from long-term landholders on undisclosed terms.
“The project is fully funded and once we receive State Significant Development Approval, we will immediately commence construction,” Gaitanos said.
Carracher said: “Sydney is our focus and with our scale and expertise in this market we believe we can make an immediate impact.
“Our position as the leading local operator in the residential-for-rent sector means that we can offer inspiring spaces and intelligent design, with a unique value proposition to renters.”
On completion, the project will have more than 1,000 residential apartments, including 100 affordable apartments, and some retail and large public open space and public amenities.
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