Apache Capital is looking at options for the disposal of a £200m build-to-rent scheme in Manchester.
Angel Gardens, run by Moda Living, comprises 466 homes in a 35-storey building, providing 23,000 sq ft of amenity space and 22,000 sq ft of commercial space.
Savills has been appointed to explore options “in light of inbound interest from the market”.
Angel Gardens was Apache’s first BTR asset from its joint venture with Moda Living formed in 2015.
It was acquired in 2016 and received £85m debt financing from Deutsche Pfandbriefbank in 2017 on a four-year term to facilitate the construction period, which automatically converted into an investment loan for the remainder of the term.
The scheme is part of the wider Noma masterplan, the 20-acre mixed-use strategic regeneration project opposite Manchester Victoria.
A spokesperson for Apache Capital said: “Angel Gardens is an stabilised asset in our Prime multifamily portfolio and it is one of Manchester’s most desirable rental communities. We have instructed Savills to explore our options for the asset in light of inbound interest from the market and to realise best value for our investors.”
The volume of operational BTR assets trading has increased over the past few years as assets have stabilised. According to Knight Frank, 35% of capital deployed in the BTR sector in Q3 2024 was into operational schemes.
The agency said this share was up from 20% in H1 2024, reflecting an increase in opportunities to acquire stabilised schemes. Overall £640m was invested in the third quarter of the year.
Savills has also said it expects investment into operational BTR assets to exceed £20bn in the next decade.
The trajectory is based on 300 schemes trading at the average value over 10 years.
Examples of operational BTR trading in the UK include Quintain selling £360m of operational BTR stock through two deals with KKR and Goldman Sachs. Grainger also acquired a 135-home, stabilised, fully occupied BTR scheme in Manchester from M&G Real Estate for £31m.
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