TWO major investors have agreed to fund one of Edinburgh’s largest purpose-built private rental housing developments.
Apache Capital Partners, a leading UK-based real estate investor, and US-based Harrison Street are both backing the £215m Springside project located in the Fountainbridge district.
The development, operated by Moda Living, will deliver 476 new homes alongside 13,000 sq ft of internal amenities with completion expected in 2022.
Apache Capital and Moda Living purchased the site, which included 48 existing homes, in March 2017 from Grosvenor Great Britain and Ireland.
John Dunkerley, Apache Capital Partners chief executive officer and co-founder said: “We are committed to delivering and expanding our build-to-rent pipeline with both Harrison Street and Moda Living despite the near-term disruption being caused by COVID-19.”
Robert Mathias, Harrison Street senior managing director and head of international business, said: “We are thrilled to further our partnership with Apache Capital to develop Springside, which will provide much needed attractive rental options for the growing number of people in the UK choosing to rent.”