Rockspring Property Investment Managers has completed its first deal in the PRS sector, buying a development site in Southampton.
Working alongside joint venture partner Atlas Residential it has purchased the 145,544 sq ft project on the corner of Queensway and Bernard Street from Southampton city council. The project’s plans comprise 211 one-bedroom and two-bedroom flats.
Atlas Residential, one of the largest private rental sector operators in the US, owns and manages more than 75,000 apartments with a transaction value of more than $7bn (£4.4bn). The Southampton project is Atlas’s first in the UK.
Eric Linden, Rockspring’s European director, said: “As institutional demand for the UK’s private rented sector continues to gain momentum, this acquisition, which we believe has excellent macro and micro market fundamentals, provides a strong opportunity to provide long-term rental income and stable yields for our investors and clients.”
