Sentinel acquires North Melbourne site for 350-apartment BTR development
Sentinel Fund Manager Australia, the Australian arm of Sentinel Real Estate Corp., has acquired a 6,528-square-meter (70,267-square-foot) site for development in North Melbourne, Victoria.
It is part of its venture with Dutch pension fund manager PGGM.
Located at 23–47 Villiers St. in the heart of the Melbourne Biomedical Precinct, Sentinel plans to deliver and manage approximately 350 high-quality and sustainable rental apartments across two buildings on the site.
This will be Sentinel’s sixth build-to-rent (BTR) apartment community in Australia and its second in Melbourne, following the delivery of its 172-apartment project in West Melbourne, The Briscoe, which is scheduled to open later this year. The acquisition of 23–47 Villiers St. grows Sentinel’s total pipeline in Australia to more than 1,600 rental units under various stages of development or operation.
The new apartment community will target carbon-neutral certification and a 5-Star Gree