Alan Penfold has been promoted to managing director of Present Made, the single-family build-to-rent housing platform of Apache Capital, an investment manager focused exclusively on UK living real estate.
Penfold, who had previously been an executive director at Present Made, will work closely alongside Apache Capital’s CEO John Dunkerley and chairman Mervyn Howard following the departure of founding partner Richard Jackson.
Penfold spent four years as a director at Apache Capital before moving over to Present Made and brings over 15 years’ experience in housebuilding. Before joining Apache Capital, he held land and development-focused roles at Barratt Homes, Bellway Homes and Crest Nicholson.
Under Penfold’s leadership, Present Made will broaden its strategy to include working with other developers, including volume housebuilders, as part of plans 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.
Launched in 2021 by Apache Capital, Present Made secured its first planning consent in Summer 2022 to develop a 373-home neighbourhood in Eddington in partnership with the University of Cambridge.
Alan Penfold, managing director at Present Made, said: “My ambition is to build on the excellent work that has been done so far in establishing Present Made as a leading player in the single-family build-to-rent space.
“The key to success for any operational business is scale and right now we see a major opportunity in working with other delivery partners to rapidly grow our portfolio of sites.
“We see our emphasis on all aspects of masterplanning and ESG, combined with strong branding that is underpinned high levels of service and high-quality design, as both a key differentiator and source of value creation.
“This conviction will be reflected throughout all our developments, including those delivered in partnership with third parties, all of which we will own, manage and operate for the long term.”
John Dunkerley, Apache Capital CEO, said: “Having been involved with Present Made since concept stage and with a solid background in housebuilding, Alan is perfectly positioned to take the business to the next stage. He brings to the table a wealth of experience and will build on our 15-year track record of delivering high-quality, professionally managed housing.
“From student accommodation through to senior housing and multi-family build-to-rent, our approach has been to work with best-in-class partners to create a leading market product that sets new benchmarks for quality, and we will continue this through with Present Made.
“The market conditions right now favour counter-cyclical asset classes like build-to-rent and we want to work with those looking to diversify into what is a fast-growing sector.
“By accelerating the growth of Present Made through the right partnerships, we can achieve scale faster and drive operational efficiencies without compromising on the qualities that will ensure our investments perform strongly over the long-term.”
Apache Capital (“Apache”) has expanded its build-to-rent (“BTR”) joint venture (“JV”) with Harrison Street, one the leading investment firms exclusively focused on alternative real assets, and NFU Mutual, to fund Moda Living’s Great Charles Street, a 722-home BTR development in Birmingham, UK.
The JV, which was formed in 2018 to fund premium BTR developments across the UK, now includes six assets, representing a total of 3,050 homes. In addition to Great Charles Street, current projects include Moda, The Mercian, also in Birmingham, Moda, The McEwan in Edinburgh, Moda, The Lexington in Liverpool, Moda, New York Square in Leeds, and Moda, Holland Park in Glasgow.
The announcement marks the largest regional BTR funding deal completed in the UK. Moda will develop, manage, and operate the £302m (GDV) Great Charles Street, which is set to begin phased delivery in October 2025 and will prioritize leading ESG certifications.
The development is one of the largest regeneration projects in Birmingham City Centre and within walking distance to key leisure destinations. Once completed, it will offer 722 homes for rent, ranging from spacious studios to three-bedroom apartments with exclusive views over one of Birmingham’s oldest districts, the Jewellery Quarter.
Residents will benefit from a range of luxury finishes and amenities, including a rooftop terrace and BBQ areas, gym with personal training and classes, bicycle storage, washing and repair station, residents’ lounges, private dining, cinema room, meeting rooms and co-working space and secure parking, as well as a 24-hour concierge and onsite security.
New public realm and green spaces at ground level will provide new walking and pedestrian routes, as well as community facilities, including retail and leisure units, at the former brownfield site, which has been undeveloped for more than 50 years.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, “We’re thrilled to expand our partnership with Apache, a leading investor in the premium UK build-to-rent space and Moda, a leading developer in the UK and pioneer in the build-to-rent sector, to bring this development to Birmingham. The Birmingham market is backed by strong demographics, with the greatest concentration of businesses outside of London and home to many leading universities. This transaction underscores our continued efforts to invest in premium BTR assets in leading markets across Europe.”
John Dunkerley, CEO at Apache Capital, said, “Today’s announcement – the largest regional build-to-rent funding deal to date – underlines our conviction in build-to-rent as a major institutional asset class. It also demonstrates the enduring appeal of our highly amenitised, highly serviced model, which has been proven by the success of our first Birmingham asset, The Mercian. In Harrison Street, NFU Mutual and Moda Living, we have a set of experienced partners that have helped us build a market-leading platform and we are pleased to have expanded it with this transaction.”
Johnny Caddick, CEO at Moda Living, said, “This is a huge moment for Moda Living, securing what is the market’s largest ever regional deal for a BTR asset. It’s testament to the teamwork of our team and partners Harrison Street, NFU Mutual and Apache Capital that have worked tirelessly to overcome multiple headwinds and get this over the line. Birmingham is a key city for Moda and another scheme with all the fundamentals that create an incredible place for residents to live. We look forward to working with Harrison Street, Apache, Birmingham City Council and other key stakeholders to get this fantastic project out the ground.”
Ian Ward, Leader, Birmingham City Council, said: “This is a hugely exciting project, breathing life and community back into a key central site which has been unused for more than 50 years. Moda’s development at Great Charles Street will deliver much-needed new homes to Birmingham and will be central to the ongoing transformation of the city centre. I look forward to working with Moda, Harrison Street, NFU Mutual and Apache Capital as they deliver this exciting new chapter for the Jewellery Quarter.”
Will Jordan, Partner at Knight Frank, said, “This is a landmark deal for the UK’s BTR market. As the biggest agreement ever signed outside of London, Moda, Harrison Street, NFU Mutual and Apache have blazed a trail in what is a huge show of confidence for a market that continues to go from strength to strength despite challenging economic headwinds. We’re delighted to have advised the parties to help them reach this fantastic milestone, and we look forward to seeing Great Charles Street delivered in what will be a majorly beneficial addition to the Birmingham skyline.”
Tom Bostock, property investment manager at NFU Mutual, whose headquarters are in the West Midlands in nearby Warwickshire, said, “We are pleased to expand our build-to-rent joint venture with Apache Capital and Harrison Street. High quality, purpose-built rental accommodation such as our Great Charles Street development provides long term steady income streams while helping major cities like Birmingham attract and retain talent. The regeneration of the site is underpinned by an intense focus on ESG that is in line with our corporate vision, illustrated through the socio-economic benefits for the local community and a wide range of carbon cutting measures at the construction and operational phase.”
Harrison Street’s European strategy encompasses alternative investments in student accommodation, senior housing, build-to-rent residential, and life sciences real estate. The Firm’s build-to-rent experience in Europe includes 16 assets totalling approximately 5,650 units across the UK, Spain and Ireland. The portfolio includes eight assets in the UK with over 3,000 residential units developed to date in partnership with experienced local developers and operators.