Moda Living and Apache Capital Partners have secured funding for a major PRS development in the North-west that will be built by Carillion.
Investors Apache Capital Partners, with PRS developer Moda Living, secured financing of £85m to deliver the 34-storey, 466-apartment scheme in Manchester city centre.
Carillion will deliver the £153m development, which sits in part of Manchester’s wider Noma development masterplan.
The 520,000 sq ft scheme will include 20,000 sq ft of mixed-use space. Completion is expected over two phases in 2019 and 2020.
Angel Gardens is the first private rented sector scheme to be delivered by the joint venture between Moda Living and Apache Capital Partners.
The JV, created in 2015, has secured a £1bn development pipeline of PRS projects that will deliver 5,000 homes across eight cities in the UK, including London.
Moda and Apache Capital Partners will retain ownership and operation of each of these developments.
Apache Capital Partners co-founder and managing director Richard Jackson said he had seen a “strong and growing appetite” for investment in PRS schemes from banks, institutions and insurers.
“This financing is the culmination of many years of work in the PRS sector and on Angel Gardens,” he said.
Other finance packages secured in Manchester in the last two months include a £45m funding deal for developer Worthington Group to build a 113,500 sq ft speculative office development on Deansgate.