News / 05 February 2019
Crestbridge work with long-standing client on latest joint venture
Apache Capital Partners, a leading private real estate investment management firm, has worked with Crestbridge from inception to its latest successful establishment of a new joint venture with US investor Harrison Street Real Estate Capital, and with additional investment from National Farmers Union (NFU) Mutual Insurance Society Limited.
The joint venture intends to fund the development of up to seven premium build-to-rent schemes across England and Scotland. The Lexington, in Liverpool, is the first scheme and is currently under construction. Over the next 20 months, Apache Capital intend to invest in another six schemes in Phase One, including properties in Birmingham, Edinburgh, Glasgow, Liverpool, Leeds and London.
John Dunkerley, co-founder and CEO of Apache Capital comments: “Crestbridge has been more than just a service provider to us over the past four years. They have genuinely invested and supported the development of our business, and we’re delighted to partner with them again. We rely on their balance of strong Real Estate experience alongside a bespoke and tailored Funds team. We see this latest venture continuing to support build-to-rent as an institutional asset class investors are attracted to because of its defensive, counter-cyclical qualities”.
Simon Todd, Director and Group Head of Real Estate Services, Crestbridge comments: “We are seeing strong growth in the build-to-rent sector across a number of locations, especially outside London, as suitable sites become a defining factor. Apache Capital has become a leading firm in this area and we’re excited to be partnering with them again.”
Michael Newton, Director and Group Head of Fund Services, Crestbridge, added: "We’re delighted to be working with Apache Capital especially on their new platform, which has successfully closed and recently began construction on the first of these build-to-rent development schemes."
Apache Capital, and its development partner Moda, has become one of the largest UK premium build-to-rent portfolios worth £2bn, comprising over 6,000 homes in prime city centre locations. Crestbridge has supported a number of high-profile Apache Capital development projects including the £154m flagship Angel Gardens scheme in Manchester’s NOMA district, which will open next year.