In the first of these platforms, Moda Living has teamed up with KKR on a £1bn "condensed amenity" rental offering. The long-term platform is to deliver an initial 5,000 new homes, starting with 398 units at the New Garden Square project, in Edgbaston.
The second planned £1.7bn development platform, involving KKR and Apache Capital, will cover core cities, with prime sites identified in Birmingham, Brighton & Hove, Yorkshire and London. Homes will be built to the latest design specifications, with the highest levels of on-site amenities and service provision for residents.
Tony Brooks, Managing Director at Moda Living, said: “With the backing of KKR and our existing partners Apache Capital, we will deliver the next generation of build-to-rent neighbourhoods that will set new standards for style and service while meeting the growing demand for high quality rental housing that is responsive to modern lifestyles and allow us to offer different products at different price points for different lifestyle requirements.”
The new platforms which now include funding from Harrison Street, NFU, KKR and Apache Capital follows the success of Moda’s second operational multifamily BTR scheme, Moda, The Lexington, in Liverpool, where 65% of apartments are already leased four months after launch. Moda’s flagship scheme, Moda, Angel Gardens, in Manchester, is fully stabilised, having set new sector benchmarks for rents achieved.
This takes Moda’s overall rental platform to 20,000 homes across the UK with a GDV of c. £6bn and £1.5bn of live projects on site.
DWF's multi-disciplinary team advised on all of these projects, led by Leeds-based Real Estate Partners Andrew Flounders and Guy Rusling, London Corporate Partners Paddy Eaton and Laurence Applegate and Finance Directors Jenny Crew and Alan Glen (Leeds and Glasgow).
Andrew Flounders commented, "Moda Living continue to provide exemplar housing schemes and we are delighted to be a part of their team."