Samma Property Group forms $750m BtR JV with Brightlight

Australia-based developer Samma Property Group has formed a $750 million build-to-rent partnership with investment firm Brightlight.

The partnership will see the creation of 1,412 apartments across four developments in Melbourne from 2022 to 2025 for more than 2,800 residents.

Its first project is a 1,000-square-meter (10,764-square-foot) site at 65 Haig Street in Southbank, Melbourne, Victoria, Australia. In addition, the joint venture has three more projects in the pipeline.

Simba Marekera, Brightlight’s head of investment management and co-portfolio manager, said, “Build-to-rent is a maturing asset class within Australia that is addressing a gap between conventional residential renters and home ownership, which is leading the demographic changes of home ownership in Australia.”