Scape Australia forms rent-to-live JV with APG, Bouwinvest
Scape Australia principals Stephen Gaitanos and Craig Carracher have formed a A$1.5 billion ($997 million) rent-to-live joint venture in Australia with Dutch investors APG Asset Management and Bouwinvest.
Gaitanos and Carracher founded Scape Australia in 2014 with the same group of initial investors and are now the largest residential-for-rent owner and operator in Australia, managing more than 33 operational assets (16,300 apartments) with 12 purpose-built student housing and urban living assets under development.
The new joint venture will focus on developing a multifamily portfolio of new urban, transport-oriented, energy-efficient rent-to-live assets focused on Australian capital cities, providing more affordable options for renters in Australia. The initial focus will be on Sydney, Melbourne and Brisbane.
The partners aim to launch an additional equity raise for institutional investors, with the plan being to deliver a minimum of 10,000 rent-to-live apartme