BTR operator Local closes $650m fund for two buildings
Local Residential has closed its first venture with an overseas pension fund, taking advantage of weaker conditions in the for-sale apartment sector to repurpose sites in inner-suburban Melbourne for two build-to-rent projects with a combined value of $650 million.
Local, funded by Macquarie Asset Management Real Estate for its first project, a 477-unit BTR development in inner-northern Melbourne’s Kensington, had taken its first step as an external fund manager after securing the unidentified US institution to fully back the venture, co-founder Dan McLennan said.
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