Nuveen Real Estate forms single-family BTR joint venture with Apache Capital
Nuveen Real Estate has formed a joint venture with U.K.-focused real estate investment manager Apache Capital to fund single-family build-to-rent (BTR) housing across the United Kingdom. All sites will be developed and operated for the long term by Present Made, Apache Capital’s wholly owned single-family BTR platform.
The joint venture will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.
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 and benefits from full planning approval. The scheme forms a key part of the university’s 150-hectare Northwest Cambridge master plan, which includes 3,000 homes (of which 50 percent are for university key workers as affordable housing), 2,000 student bed