Nuveen Real Estate partners with Apache Capital to deliver Present Made’s single-family housing development with Cambridge University’s Estates Division

Apache Capital achieves four star GRESB Rating for operational multi-family build-to-rent assets

Apache Capital has achieved a four star GRESB Rating for its operational platform 1 multi-family build-to-rent assets – which include The Lexington (Liverpool), The Mercian (Birmingham), Holland Park (Glasgow), The McEwan (Edinburgh), and New York Square (Leeds) – for 2024.

Apache achieved a score of 82/100, ranked in 8th place amongst its peer group as a whole, and in 2nd place across select peer groups.

Apache’s results this year underline the strength of its ESG strategy at both a portfolio and corporate level, with GRESB assessing a wide range of performance components relating to operational assets and corporate procedures.

Maximum scores were achieved in matters relating to Data Monitoring & Review; Tenants & Community; Targets; Risk Assessment; and policies, with high scores in other areas.

They also demonstrate Apache’s commitment to improvement and growth, where its new ESG initiatives resulted in a higher score than last year.

Director of ESG & Operations, Nikki King, said: “As fiduciaries of institutional capital, we are committed to ensuring sustainability and ESG objectives of our capital partners are comprehensively met. Having one of the UK’s largest operational multi-family portfolios is key to this as it gives us added visibility and data on factors impacting performance, helping to inform the continued development of our strategy.

“We place a strong emphasis not only on carbon reduction, but also the wellbeing of our residents and surrounding local communities, where we are making long-lasting and meaningful change in our areas of operation to drive value for our investors and uphold our commitment as a responsible member of society.”

Apache Capital is one of the UK’s most prolific build-to-rent investors. It’s multi-family build-to-rent portfolio – where Moda is developer and operator – is one of the largest in the UK, with over 3,000 homes of its +4,000 home pipeline being operational. Its wholly-owned single-family housing platform, Present Made, has two schemes in its portfolio; a 373 development in Cambridge, which is under construction, and a 650 home tri-tenure scheme in Bedford being delivered through a joint venture with Miller Homes.

Apache Capital appoints General Manager from Hines’ student brand for flagship single-family development

Apache Capital’s suburban build-to-rent platform Present Made has appointed Jack Hughes as General Manager for its debut scheme

373-home neighbourhood sits is being delivered in collaboration with the University of Cambridge

Present Made of Eddington has been funded by Nuveen Real Estate and Apache Capital partnership, with debt finance from BGO

UK-focused living real estate investment manager Apache Capital has appointed a General Manager for Present Made of Eddington – the maiden development of Apache Capital’s single-family build-to-rent (BTR) platform, Present Made.

As General Manager for Present Made of Eddington, Jack Hughes will oversee all aspects of the development’s operations once the scheme reaches full practical completion. Construction works started earlier this year, with the first homes set to be ready for move-in in early 2025.

Hughes has a background working in the operational living sector in Cambridge through his previous role as General Manager at The Cam Foundry for aparto student, the European student accommodation brand of global real estate investment manager Hines. There, he oversaw day-to-day site operations and supported with new site mobilisations across Europe.

Present Made of Eddington will deliver 373 rental homes – including the UK’s first family houses to be designed and built exclusively for rent – and forms a key part of the University of Cambridge’s 150-hectare North West Cambridge masterplan. The masterplan includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.

In addition to high-quality housing built exclusively for rent, Present Made of Eddington will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.

The Present Made team will provide round-the-clock resident support, be responsible for all maintenance as well as running a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.

Present Made of Eddington has been funded through a partnership between Nuveen Real Estate and Apache Capital, with debt finance coming from BGO.

Jack Hughes, General Manager, Present Made of Eddington, said: “This as an incredible opportunity to play a leading role in the launch and ongoing operations of a truly unique housing development.

“Combining my own background with Apache Capital’s experience in operating purpose-built student accommodation and prime multi-family, we will look to deliver a first-class experience for the residents of Present Made of Eddington.”

Alan Penfold, Managing Director, Present Made, said: “Jack will play an important role in ensuring that the hospitality-like service that defined our prime multi-family strategy is replicated at our flagship single-family development.

“Residents at Present Made of Eddington will benefit from living in a secure, modern, and sustainable neighbourhood with a first-of-its-kind amenity and service offering in Cambridge, helping raise standards in the local rental market.”

Apache Capital announces CFO appointment and senior promotions

Watkin Jones plc’s Commercial Finance Director joins as Chief Financial Officer
Other roles include CFO positions at Northstar Asset Management and Fortress Investment Group
Claire Ezekwe and Andy Hill promoted to Director positions at Apache

Apache Capital, a leading UK real estate investment manager focused on the living sectors, has appointed Scott Berry, Watkin Jones plc’s ex Group Commercial Finance Director, to the newly-created role of Chief Finance Officer. Apache’s Claire Ezekwe and Andy Hill have also been promoted to Director positions.

Scott joins Apache after almost six years at Watkin Jones plc and its third-party operational management business, Fresh Property Group, where he was Commercial Finance Director. Across both roles, Scott was responsible for the management of over 20,000 units across the build-to-rent and student accommodation sectors.

Scott’s 20+ years in finance has also included CFO positions at Northstar Asset Management, helping to launch the European business, and Fortress Investment Group, where he managed the finance teams in London, Frankfurt and Luxembourg for their Eurocastle investment vehicle.

He will report to Chairman Mervyn Howard and Co-founder and Chief Executive Officer John Dunkerley, overseeing finance activities including tax planning, financial reporting and budget management; and contribute to the development of Apache’s internal operational platform. He will also support relations with Apache’s investors across multi-family build-to-rent – where it has a joint venture with Moda – and single-family housing, through its wholly-owned single-family housing platform Present Made. Investors currently include Harrison Street, NFU Mutual, KKR and Nuveen Real Estate.

John Dunkerley, CEO, Apache Capital: “Scott brings with him incredible experience from the worlds of operational real estate and institutional investment. As the UK living sectors mature, we see ‘in-sourced’ operational excellence as being a key differentiator for investment managers, and Scott will help us bolster our operational capabilities as we look to scale our multi- and single-family build-to-rent strategies.”

Scott Berry, CFO, Apache Capital, said: “Apache Capital’s market-leading position was a big pull factor for me, with the business having a proven track record in assembling best-in-class portfolios that are underpinned by solid operations. We share the view that build-to-rent is still in the early days of the journey to becoming a mature, mainstream institutional asset class like purpose-built student accommodation, and that managers with genuine operational know-how and experience will stand to benefit from the sector’s growth.”

Andy Hill, who joined Apache in 2021, has been promoted to Director of multi-family housing, overseeing Apache’s multi-family build-to-rent strategy which currently includes over 4,000 apartments across 8 developments, 3,000 of which are now operational.

As part of his new role, Hill will assume lead responsibility for the management of acquisitions into the platform, investment and asset management, refinancings, recapitalisations and exit scenarios. Hill’s remit will also include the expansion of new strategies across the living sector, and to further strengthen Apache’s relationships with investment partners, including existing partners, Harrison Street, NFU Mutual, and KKR.

Claire Ezekwe becomes Apache’s new Director for Transactions & Structuring. Ezekwe will lead the firm in the provision of legal expertise across its multi-family and single-family strategies, which includes Present Made, Apache’s wholly owned single-family housing platform. Her role will encompass acting as the legal and transactional lead on real estate acquisitions, development opportunities, financings and disposals. In addition to managing external legal counsel, she will also be involved in deal structuring, due diligence and contract negotiation.

Mervyn Howard, Executive Chairman, Apache Capital: “Hiring external talent while also nurturing that within our business will be critical to realising our mission of being the go-to partner for institutional capital looking to access the UK living sectors. We are pleased to have someone of Scott’s calibre join us, and also see the progress of Andy and Claire, who have both played crucial roles in our growth to date.”

Present Made and Miller Homes agree joint venture to deliver residential-led community in Bedfordshire

Apache Capital’s single-family build-to-rent platform enters joint venture with national homebuilder Miller Homes for tri-tenure scheme near Bedford
650 homes for private sale, affordable rent and single-family build-to-rent to be delivered

Present Made, a developer and operator of single-family build-to-rent housing, has formed a joint venture (JV) with homebuilder Miller Homes to deliver a 650-home mixed-tenure community in Bedfordshire, currently named Mill View.

The 170-acre site will provide a mixture of private-sale, affordable and single-family build-to-rent (BTR) housing. Construction is planned to begin in Q4 of 2024, with the first homes set to be delivered in 2025.

The Mill View development builds on Miller Homes’ strong record of forming JVs with partners to deliver high-quality homes and communities. It marks Present Made’s first triple-tenure transaction, which refers to sites providing a mix of private sale, affordable and BTR homes.

Located in a cluster of villages 13 minutes south of central Bedford, the site forms part of the wider Wixam Park masterplan, which includes over 1,500 homes and five-acres of employment land. The site benefits from outline planning consent for a new primary school, community infrastructure and an 87-acre country park.

Mill View, which will be renamed, is the latest development for Miller Homes’ expanding South Midlands region. Other Miller Homes developments in the South Midlands area include Miller Homes @ Forster Park in Stevenage, Norwood Quarter in Northampton, Miller Homes at Stanton Cross in Wellingborough, and Arlesey Gate in Arlesey.

Alan Penfold, Managing Director at Present Made, said:

“In Miller Homes, we have a five-star, best-in-class delivery partner renowned for its quality of product and speed of execution. The delivery partner model will help Present Made achieve scale faster while ensuring we maintain the highest design, build and operational standards.

“This relentless focus has defined Apache Capital’s purpose-built prime multi-family build-to-rent strategy and will see us deliver a new community at Mill View that sets new benchmarks for excellence.”

Benjamin Massey, Divisional Managing Director at Miller Homes, said:

“We are pleased to have formed this joint venture with Present Made to deliver 650 mixed tenure homes in Bedford, enabling us to complete this significant land acquisition together, and we hope it forms the foundation for other opportunities.

“Building mixed tenure homes as part of our business model allows us to continue diversifying our portfolio, while creating new opportunities for land acquisition and supporting our overall growth ambitions to 6,500 homes per year.

Mill View will offer residents a blend of thriving town life and picturesque countryside living, with easy access to local transport links, and green spaces including the new country park on the doorstep.”

John Dunkerley, CEO at Apache Capital, said:

“The tri-tenure model is a win-win for investors, communities, and housebuilders: investors get to satisfy the ‘triple bottom line’ by delivering solid financial, environmental and social returns, communities get a broad range of much-needed new housing, while housebuilders get de-risked sites and diversified sources of income beyond highly cyclical market sales. We see this model as being key to scaling our Present Made platform as we look to work with third-party capital to capitalise on the opportunity presented by the UK’s rapidly changing housing market.”

Image credit: CBRE

Apache Capital, Nuveen and The University of Cambridge celebrate construction works at Present Made of Eddington

The beginning of construction works at the UK’s first purpose-built-and-designed single-family housing development has been formally celebrated.
Stakeholders for Present Made of Eddington, the first development from Apache Capital’s single-family housing platform Present Made and delivered in partnership with Nuveen Real Estate and The University of Cambridge, came together to celebrate the construction works that began in Q4 2023.

It is the first scheme from the Apache Capital and Nuveen Real Estate joint venture, formed in October 2023.

The JV will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.

Present Made of Eddington forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.

Alongside high-quality housing built exclusively for rent, Present Made of Eddington will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.

Start on-site at Present Made of Eddington is expected later this month. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BentallGreenOak has provided a development loan facility for the project.

The scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.

UKAA announces new Investor and Lender Forum Chair and committee

The UK Apartment Association (UKAA) has appointed Ashley Perry as the new Chair of its Investor and Lender Forum.

Perry, who is investment director at UK living real estate investment manager Apache Capital, was previously Vice-Chair of the Forum and replaces CBRE’s Jason Hardman, who has completed his two year period as Chair.

Perry has been with Apache Capital since 2022, helping to shape the company’s mutli-family investment strategies which include a 6,000+ home build-to-rent (BTR) joint venture with Moda Living. Present Made, Apache Capital’s single-family housing platform, is to be funded in a joint venture with Nuveen Real Estate. Across both its multi- and single-family strategies, Apache Capital has completed over £1bn of debt and equity funding transactions in the past 12 months.

UKAA’s Investor and Lender Forum, which acts as educational network for the BTR finance community, will also create a committee that brings together pre-eminent UK BTR lenders and investors to help broaden the sector’s appeal to a wider selection of lenders.

The committee is made up of leading representatives of the BTR investment community, including Realstar, Lloyds Banking Group, CBRE, Bridges Fund Management, Get Living, Invesco, Patrizia and M&G Real Estate.

The Investor and Lender Forum will also support the UKAA’s expansion into the single-family housing (SFH) sector, following the creation of a formal partnership with the British Property Federation (BPF) last month. Build-to-rent’s major lobbying groups have partnered to support the build-out of a joint policy and political engagement framework, acting as a single voice for one of UK housing market’s fastest growing sub-sectors.

The record £1bn invested into SFH in the first nine months of 2023 was more than triple the amount for the whole of 2022, according to Savills. International and domestic Investors have been targeting a mixture of ground-up development and existing stock strategies, with structural drivers including a cooling housing market, attractive supply-demand dynamics, and access to inflation-linked, long-term income streams.

Ashley Perry, Chair of Investor and Lender Forum, UKAA, said: “The Investor and Lender Forum has made fantastic progress in the last two years, being an important educational, networking and knowledge-sharing platform that supports the wider objectives of the UKAA.

“Professional rental housing is one of institutional capital’s most favoured asset classes in the UK, with organisations such as the UKAA and BPF helping to shape a favourable policy climate that lowers the barriers to entry and maximises the potential of the build-to-rent and single-family housing sectors.”

Brendan Geraghty, CEO, UKAA, said: “We thank Jason Hardman for his support and service to the UKAA as former-Chair of the Investor and Lender Forum and value his continued contribution to the new committee. The UKAA warmly welcomes Ashley Perry as the new Chair; a tireless advocate for the UK BTR sector and through his role at Apache Capital, an early pioneer in BTR that has been behind a string of landmark deals, will provide invaluable insight to the members of the Investor and Lender Forum.”

The UKAA was founded in 2016 and has established itself as the representative body for institutionally backed, professionally managed rental homes and the voice of the whole BTR sector. Its 330 members are comprised of the UK’s leading investors, operators, developers, advisors, and suppliers in the residential rental sector.

Nuveen Real Estate partners with Apache Capital to deliver Present Made’s single-family housing development with Cambridge University’s Estates Division

London, October 17, 2023 – Nuveen Real Estate, one of the largest real estate investment managers in the world with $152 billion of assets under management, has formed a joint venture (‘JV’) with UK-focused real estate investment manager ApacheCapital to fund single-family build-to-rent (‘BTR’) housing across the UK. All sites will be developed and operated for the long-term by Present Made, Apache Capital’s wholly owned single-family BTR platform.

The first site to be funded will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge and benefits from full planning approval. The scheme forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.

Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Single family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”

Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”

John Dunkerley, Chief Executive Officer at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”

Alan Penfold, Managing Director at Present Made, said: “Between Nuveen Real Estate and the University of Cambridge’s Estates Division, we have two best-in-class partners to support the delivery of Present Made of Eddington. There is growing demand for high quality rental housing outside of city centres that provides both a lifestyle and a home, which we are looking to satisfy through Present Made, with Eddington serving as ‘proof-of-concept’ through the quality of its consumer offering.”

Matt Johnson, Head of Development for North West Cambridge at the University of Cambridge, said: “Eddington is an exemplary neighbourhood home to a growing and diverse community of residents, students, businesses and service providers. Through our work with leading development partners, we are continuing to deliver much needed homes, across a range of tenures, which can support the continued growth of the Cambridge eco-system. Present Made will deliver high quality homes for rent providing residents with homes that support sustainable lifestyles, flexibility and choice. We look forward to welcoming the residents of Present Made to the community.”

Martin Sheridan, Managing Director in BGO’s European Debt team: “BGO are very pleased to be supporting the Nuveen and Present Made JV in building out this prestigious and innovative single-family housing development in Cambridge. The transaction is consistent with our debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community. We have worked with the wider Apache group on multiple multi-family deals over the years and are excited to play a role in their new single-family housing platform as well.”

ULI UK appoints Apache Capital’s Ashley Perry as Residential Council Chair

London, 21 February 2024. The Urban Land Institute (ULI) has appointed Ashley Perry, Investment Director, Apache Capital, as Chair of the ULI UK Residential Product Council. Ashley succeeds Stephanie McMahon as Chair and will serve on a voluntary basis for the next two years.

Ashley’s primary focus at Apache Capital is on implementing investment strategies for its build to rent (BTR) multifamily and single-family platforms, leveraging new investment opportunities and driving business growth. With a background in Chartered Surveying related to UK BTR development and investment, and over a decade experience working in real estate consultancy, he has in-depth knowledge and understanding of the UK’s housing market. Apache Capital is an independent, privately owned real estate investment manager specialising in the UK’s living sectors, with strategies including a 6,000+ home multi-family build-to-rent joint venture with Moda Living, and a single-family housing platform, Present Made, which is to be funded in a joint venture with Nuveen Real Estate.

The ULI UK Residential Council’s mission is to enable the delivery of more sustainable residential development, property management and investment across the UK, fostering and implementing best practice and leadership from the Institute’s extensive public and private networks. Its programme focuses on areas including affordability, new methods of construction, built to rent, and later living. Members include designers, developers, investors, property owners and managers, engineers, academics and civil servants, and other professionals active in the UK residential property sector.

Mark Collins, Chair, ULI UK National Council, comments, “I am very pleased to welcome Ashely into the role as Chair of the UK Residential Council and am excited for his plans to address many of the key challenges impacting housing in the UK. He has a long association with ULI UK, having been an active member for a decade and most recently Co-Chair of the Residential Council. I would also like to thank Stephanie for her significant commitment and contribution in leading the Residential Council since she assumed the role in 2021. The role of all our Product Councils are invaluable, and we are fortunate to have such a talented group driving this part of our organisation.”

Ashley Perry comments, “I’m delighted to succeed Stephanie in continuing the ULI UK Residential Council’s efforts in leading the conversation across the living sector. With the emergence of single-family housing, co-living, and senior living for rent, these are three key areas for our group for the years ahead. We will be building on the significant track record of thought leadership and research from across ULI in Europe as well as explore how we can do more to collaborate across the ULI UK membership.”

“In an election year when housing is very high on the agenda, we expect to drive the conversation across public and private sector and explore innovative solutions to the housing crisis & showcase exemplar case studies of delivering communities of real value.”

ULI Product Councils play a key role in ULI’s mission to shape the future of the built environment for transformative impact in communities worldwide. They are forums for industry leaders to meet, exchange ideas, share best practices and foster thought leadership in their specific sector of the real estate market. ULI UK has councils focusing on Infrastructure and Urban Development, Innovation, Residential, and Sustainable Development.

For further information about the ULI UK Residential Council, contact uk@uli.org or visit https://uk.uli.org/get-involved/councils-and-forums/

Apache Capital announces promotions to support strategy pivot for single-family platform Present Made

Key staff promoted across investment management business and wholly owned build-to-rent developer-operator
Promotions follow broadened strategy for Present Made, which will work with third-party delivery partners to rapidly scale pipeline
Today’s announcement follows formation of joint venture between Apache Capital and Nuveen Real Estate to fund single-family housing via Present Made

Apache Capital, a leading UK real estate investment manager focused exclusively on the living sectors, has made three promotions to help support the continued growth of its single-family housing platform, Present Made:

Duncan Williams, previously Head of Land and Planning at Present Made, has been promoted to Acquisitions Director. His new role will see him work with Present Made’s managing director Alan Penfold to establish joint venture partnerships with quality housebuilders and SME developers and identify forward funding opportunities as part of Present Made’s expanded strategy.
Emma Giannini, previously Associate Director, has been promoted to Senior Associate Director – Transactions & Structuring, at Apache Capital. Her role has been expanded to include a greater focus on Present Made, which is targeting an initial £1.5bn portfolio of circa 3,000 homes.
Nikki King, previously Associate Director, who has been promoted to ESG & Operations Director at Apache Capital. Her updated role will see her focus increase on Present Made and the platform’s third-party delivery partners, bringing her experience from working with Moda, the development and operational partner on Apache Capital’s prime multi-family housing strategy.

This month, Apache Capital announced the creation of a new joint venture with Nuveen Real Estate to fund the delivery of single-family build-to-rent housing across the UK, which will be developed and operated by Present Made. The first scheme to be funded is a 373-home development in Eddington, Cambridge, which forms a key part of the University’s North West Master-plan.

Earlier this year, Present Made, which is wholly owned by Apache Capital, announced the reorienting of its strategy away from purely direct development to include working with third-party developers, including volume housebuilders, to rapidly scale the platform.

The Present Made team will be involved in the design and delivery of all schemes to ensure they meet the company’s ESG criteria and brand standards concerning amenity and service provision. Present Made will operate all sites for the long term and is targeting a net zero carbon operational model.

Mervyn Howard, Executive Chairman at Apache Capital, said: “The widening of Present Made’s strategy to include partnering with third-party developers will allow us to accelerate pipeline growth, which will be further enabled by the newly established joint venture with Nuveen. However, what we recognise is the key to any venture’s success is having the right people and investing in staff is just as about important as investing in the right places and sectors, so we are pleased to announce a number of promotions across our main business and single-family subsidiary.”

Nuveen Real Estate partners with Apache Capital to deliver Present Made’s single-family housing development with Cambridge University’s Estates Division

Nuveen Real Estate, one of the largest real estate investment managers in the world with $152 billion of assets under management, has formed a joint venture (‘JV’) with UK-focused real estate investment manager Apache Capital to fund single-family build-to-rent (‘BTR’) housing across the UK. All sites will be developed and operated for the long-term by Present Made, Apache Capital’s wholly owned single-family BTR platform.

Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Single family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”

Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”

John Dunkerley, Chief Executive Officer at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”