Apache Capital Partners has acquired the £128m Angel Gardens development in the heart of Manchester – a 34-storey private rented sector (PRS) scheme.
The PRS scheme is the seed asset of Apache Capital’s joint venture with Moda Living, which has secured a £1bn by gross development value PRS development pipeline to date.
The pipeline comprises about 5,000 units in city sites across the UK’s major regional cities.
Apache Capital has fully funded the Angel Gardens development and has full planning consent.
The scheme is at the centre of the wider Co-op/Hermes NOMA 20-acre mixed-use city-centre regeneration project that borders the Northern Quarter.
The main property totals 520,000 sq ft and 458 apartments that will be finished to “a high specification”.
Features include a seven-storey glazed foyer, a cinema room, gym, four restaurants, shops, digital integration and a multi-functional roof terrace.
Richard Jackson, co-founder and managing director of Apache, said: “Our investors are clearly seeing the potential to capture attractive income growth and superior capital returns in our unique offering, through the quality of our developments and services and our first mover advantage in a significantly undersupplied sector.”
“We are focused on that significant gap between increasing tenant demand and the undersupply of institutional grade and scale of stock in PRS, which will be the next institutional assets class, as we have seen with the student accommodation market.”
Johnny Caddick, director of Moda Living, said: “Our ethos, and why our PRS portfolio will stand the test of time, is based on building a brand and quality of product that is currently not available in the regions, of which Angel Gardens is a prime example.”