Apache Capital Partners has completed on its acquisition of Angel Gardens, a 458-home private rental development in Manchester.
The deal was done in conjunction with its joint venture partner Moda Living, which intends to develop around 5,000 homes.
Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “Our joint venture partnership with Moda Living has now secured a £1bn premium PRS pipeline of prime UK city centre sites. Apache Capital has the financing available to bring this to market and has already secured £128m that fully funds our Angel Gardens development.”
Angel Gardens sits within the wider Co-op/Hermes NOMA development, a 20-acre mixed-use regeneration project in Manchester city centre.
Apache Capital and Moda Living were advised on the acquisition by CBRE, which also helped to create the investment platform. Chris Lacey, executive director and head of residential capital markets at CBRE, said: “Angel Gardens is the inaugural scheme for the jv and a clear market leader. It has huge financial firepower and the ambitions to match having already secured a very extensive pipeline of PRS assets across key sites nationwide.”
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