Nuveen Real Estate has joined forces with UK-focused real estate investment manager Apache Capital to fund single-family build-to-rent (BTR) residential projects.

The partnership’s sites will be developed and operated by Apache Capital’s single-family BTR platform Present Made.

The newly created venture’s first project will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge, Nuveen said, adding that the partnership will continue to source other opportunities to grow Present Made’s portfolio.

The Eddington project – funded with a loan from BentallGreenOak (BGO) – is expected to be completed in late 2025.

Jasper Gilbey, the 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, said the design and development of the Present Made of Eddington 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, CEO 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.”

Martin Sheridan, managing director in BGO’s European debt team, said 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,” he added.

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