Grocon’s former head of development, Dan McLennan, and former Grocon transactions manager Matthew Berg will spearhead Macquarie’s push to create a $500 million build-to-rent portfolio on behalf of institutional investors in the burgeoning sector.

The duo will lead new BTR platform Local, which will kick off with a 500-unit project in Kensington in Melbourne inner north-west, due to be completed by the end of 2024.