Packaged Living, the specialist UK Build to Rent (BtR) investor, developer and operator has announced today that it has entered into a new joint venture with USAA Real Estate, the global asset manager with experience in rental housing development and asset management, to develop a portfolio of multifamily BtR assets across the UK.
The JV will programmatically pursue the acquisition, planning, construction, and operation of best-in-class multifamily BtR assets in the UK, ultimately targeting the creation of a diversified BtR portfolio of several thousand units across the UK.
The JV has completed on its first land acquisition in Liverpool and will submit a planning application in the coming months. The JV anticipates announcing additional site acquisitions and development plans in the coming months.
Packaged Living has been at the forefront of the UK BtR sector since its inception, having acquired, funded, developed, and operated over 5,000 homes alongside its other partners, with a current GDV exceeding £1 bn. It will be responsible for acquisitions and delivery of the JV’s portfolio.
USAARE specialises in acquiring, developing, financing and managing high-quality real estate assets in North America and Europe.
Ed Ellerington, founder and managing director of Packaged Living commented, 'The UK has long had a mismatch between the demand for homes and the volume supplied to the market. We see a huge opportunity to positively change that market and we are delighted to launch USAARE as one of our new partners. Our JV will focus on creating best-in-class multifamily BtR assets where the need is greatest, whilst also delivering properties that are fit for the future, combining quality finishes with high energy efficiency, and lower costs.'
Justin Hildebrandt, xxecutive managing director and head of Europe at USAARE commented 'We see an opportunity to capitalise on unmet consumer and investor demand for institutionally-owned multifamily housing in the UK through developing rental homes in locations with compelling market dynamics and buildings that have market-leading design, sustainability metrics, and amenities. Having already developed and invested in US multifamily in scale for decades, it was a natural choice to enter the UK market. Our significant experience in the US multifamily sector along with our experience with planning and development in the UK pairs well with Packaged Living’s expertise. The UK BtR market is rapidly maturing and continued densification in and around major cities sets the stage for long-term growth.'