Greystar Real Estate Partners has forward funded a 391-home development in the UK from Dandara Living, a build-to-rent (BTR) developer.
The Renshaw’s Yard development is next to the town centre of Staines-Upon-Thames in Surrey.
Designed by Hodder + Partners and Aros, it will consist of 345 private units, six private three-bed townhouses and 40 discounted-market-rent units, as well as a basement with 215 car parking spaces and 396 cycle storage spaces.
It will feature a lounge, private dining room, co-working space, gym and private courtyard gardens.
The development secured planning consent in December 2022 and the site has been cleared for construction, which Dandara Living will commence in the fourth quarter.
Harry Downes, managing director of UK investment at Greystar, said: “The acquisition of Renshaw’s Yard will provide much-needed rental housing in Surrey, a region constrained by limited supply but fast-growing demand for a high-quality rental product.
“Part of the M3 local enterprise corridor, and adjacent to the M4 tech corridor housing several global creative and technology companies, Staines provides excellent proximity to employment hubs and is increasingly attracting new talent to the region.
“This has led to significant residential-led regeneration in the areas, with approximately 1,750 apartments currently in the pipeline to house existing and new residents drawn to Staine’s well-connected location paired with enviable riverside living.”
Jim Davies, CEO of Dandara Living, said: “As a leader in the UK rental market, Greystar recognises the significant opportunities and growth potential of the UK’s BTR sector.
“The location, amenity offering and broad demographic appeal of Renshaw’s Yard responds to both local market demand and the needs of today’s renter, and is entirely aligned with Greystar’s strategy.”