Apache Capital, Nuveen and The University of Cambridge celebrate construction works at Present Made of Eddington

The beginning of construction works at the UK’s first purpose-built-and-designed single-family housing development has been formally celebrated.
Stakeholders for Present Made of Eddington, the first development from Apache Capital’s single-family housing platform Present Made and delivered in partnership with Nuveen Real Estate and The University of Cambridge, came together to celebrate the construction works that began in Q4 2023. 

It is the first scheme from the Apache Capital and Nuveen Real Estate joint venture, formed in October 2023. 

The JV will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.   

Present Made of Eddington forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.  

Alongside high-quality housing built exclusively for rent, Present Made of Eddington will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.  

The Present Made team will provide round-the-clock resident support, be responsible for all maintenance as well as running a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.  

Start on-site at Present Made of Eddington is expected later this month. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BentallGreenOak has provided a development loan facility for the project.  


The scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.  

UKAA announces new Investor and Lender Forum Chair and committee

The UK Apartment Association (UKAA) has appointed Ashley Perry as the new Chair of its Investor and Lender Forum.

Perry, who is investment director at UK living real estate investment manager Apache Capital, was previously Vice-Chair of the Forum and replaces CBRE’s Jason Hardman, who has completed his two year period as Chair. 

Perry has been with Apache Capital since 2022, helping to shape the company’s mutli-family investment strategies which include a 6,000+ home build-to-rent (BTR) joint venture with Moda Living. Present Made, Apache Capital’s single-family housing platform, is to be funded in a joint venture with Nuveen Real Estate. Across both its multi- and single-family strategies, Apache Capital has completed over £1bn of debt and equity funding transactions in the past 12 months.

UKAA’s Investor and Lender Forum, which acts as educational network for the BTR finance community, will also create a committee that brings together pre-eminent UK BTR lenders and investors to help broaden the sector’s appeal to a wider selection of lenders. 

The committee is made up of leading representatives of the BTR investment community, including Realstar, Lloyds Banking Group, CBRE, Bridges Fund Management, Get Living, Invesco, Patrizia and M&G Real Estate.

The Investor and Lender Forum will also support the UKAA’s expansion into the single-family housing (SFH) sector, following the creation of a formal partnership with the British Property Federation (BPF) last month. Build-to-rent’s major lobbying groups have partnered to support the build-out of a joint policy and political engagement framework, acting as a single voice for one of UK housing market’s fastest growing sub-sectors. 

The record £1bn invested into SFH in the first nine months of 2023 was more than triple the amount for the whole of 2022, according to Savills. International and domestic Investors have been targeting a mixture of ground-up development and existing stock strategies, with structural drivers including a cooling housing market, attractive supply-demand dynamics, and access to inflation-linked, long-term income streams.

Ashley Perry, Chair of Investor and Lender Forum, UKAA, said: “The Investor and Lender Forum has made fantastic progress in the last two years, being an important educational, networking and knowledge-sharing platform that supports the wider objectives of the UKAA.

“Professional rental housing is one of institutional capital’s most favoured asset classes in the UK, with organisations such as the UKAA and BPF helping to shape a favourable policy climate that lowers the barriers to entry and maximises the potential of the build-to-rent and single-family housing sectors.”

Brendan Geraghty, CEO, UKAA, said: “We thank Jason Hardman for his support and service to the UKAA as former-Chair of the Investor and Lender Forum and value his continued contribution to the new committee. The UKAA warmly welcomes Ashley Perry as the new Chair; a tireless advocate for the UK BTR sector and through his role at Apache Capital, an early pioneer in BTR that has been behind a string of landmark deals, will provide invaluable insight to the members of the Investor and Lender Forum.”

The UKAA was founded in 2016 and has established itself as the representative body for institutionally backed, professionally managed rental homes and the voice of the whole BTR sector.  Its 330 members are comprised of the UK’s leading investors, operators, developers, advisors, and suppliers in the residential rental sector.  

Nuveen Real Estate partners with Apache Capital to deliver Present Made’s single-family housing development with Cambridge University’s Estates Division  

London, October 17, 2023 – Nuveen Real Estate, one of the largest real estate investment managers in the world with $152 billion of assets under management, has formed a joint venture (‘JV’) with UK-focused real estate investment manager ApacheCapital to fund single-family build-to-rent (‘BTR’) housing across the UK. All sites will be developed and operated for the long-term by Present Made, Apache Capital’s wholly owned single-family BTR platform.  

The JV will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.   

The first site to be funded will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge and benefits from full planning approval. The scheme forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.  

Alongside high-quality housing built exclusively for rent, Present Made of Eddington will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.  

The Present Made team will provide round-the-clock resident support, be responsible for all maintenance as well as running a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.  

Start on-site at Present Made of Eddington is expected later this month. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BentallGreenOak has provided a development loan facility for the project.  

The scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.  

Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Single family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”  

Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”  

John Dunkerley, Chief Executive Officer at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”  

Alan Penfold, Managing Director at Present Made, said: “Between Nuveen Real Estate and the University of Cambridge’s Estates Division, we have two best-in-class partners to support the delivery of Present Made of Eddington. There is growing demand for high quality rental housing outside of city centres that provides both a lifestyle and a home, which we are looking to satisfy through Present Made, with Eddington serving as ‘proof-of-concept’ through the quality of its consumer offering.”  

Matt Johnson, Head of Development for North West Cambridge at the University of Cambridge, said: “Eddington is an exemplary neighbourhood home to a growing and diverse community of residents, students, businesses and service providers. Through our work with leading development partners, we are continuing to deliver much needed homes, across a range of tenures, which can support the continued growth of the Cambridge eco-system. Present Made will deliver high quality homes for rent providing residents with homes that support sustainable lifestyles, flexibility and choice. We look forward to welcoming the residents of Present Made to the community.”   

Martin Sheridan, Managing Director in BGO’s European Debt team: “BGO are very pleased to be supporting the Nuveen and Present Made JV in building out this prestigious and innovative single-family housing development in Cambridge. The transaction is consistent with our debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community. We have worked with the wider Apache group on multiple multi-family deals over the years and are excited to play a role in their new single-family housing platform as well.” 

ULI UK appoints Apache Capital’s Ashley Perry as Residential Council Chair

London, 21 February 2024. The Urban Land Institute (ULI) has appointed Ashley Perry, Investment Director, Apache Capital, as Chair of the ULI UK Residential Product Council. Ashley succeeds Stephanie McMahon as Chair and will serve on a voluntary basis for the next two years.

Ashley’s primary focus at Apache Capital is on implementing investment strategies for its build to rent (BTR) multifamily and single-family platforms, leveraging new investment opportunities and driving business growth. With a background in Chartered Surveying related to UK BTR development and investment, and over a decade experience working in real estate consultancy, he has in-depth knowledge and understanding of the UK’s housing market. Apache Capital is an independent, privately owned real estate investment manager specialising in the UK’s living sectors, with strategies including a 6,000+ home multi-family build-to-rent joint venture with Moda Living, and a single-family housing platform, Present Made, which is to be funded in a joint venture with Nuveen Real Estate. 

The ULI UK Residential Council’s mission is to enable the delivery of more sustainable residential development, property management and investment across the UK, fostering and implementing best practice and leadership from the Institute’s extensive public and private networks. Its programme focuses on areas including affordability, new methods of construction, built to rent, and later living. Members include designers, developers, investors, property owners and managers, engineers, academics and civil servants, and other professionals active in the UK residential property sector.

Mark Collins, Chair, ULI UK National Council, comments, “I am very pleased to welcome Ashely into the role as Chair of the UK Residential Council and am excited for his plans to address many of the key challenges impacting housing in the UK. He has a long association with ULI UK, having been an active member for a decade and most recently Co-Chair of the Residential Council. I would also like to thank Stephanie for her significant commitment and contribution in leading the Residential Council since she assumed the role in 2021. The role of all our Product Councils are invaluable, and we are fortunate to have such a talented group driving this part of our organisation.”

Ashley Perry comments, “I’m delighted to succeed Stephanie in continuing the ULI UK Residential Council’s efforts in leading the conversation across the living sector. With the emergence of single-family housing, co-living, and senior living for rent, these are three key areas for our group for the years ahead. We will be building on the significant track record of thought leadership and research from across ULI in Europe as well as explore how we can do more to collaborate across the ULI UK membership.”

“In an election year when housing is very high on the agenda, we expect to drive the conversation across public and private sector and explore innovative solutions to the housing crisis & showcase exemplar case studies of delivering communities of real value.”

ULI Product Councils play a key role in ULI’s mission to shape the future of the built environment for transformative impact in communities worldwide. They are forums for industry leaders to meet, exchange ideas, share best practices and foster thought leadership in their specific sector of the real estate market. ULI UK has councils focusing on Infrastructure and Urban Development, Innovation, Residential, and Sustainable Development. 

For further information about the ULI UK Residential Council, contact uk@uli.org or visit https://uk.uli.org/get-involved/councils-and-forums/

Apache Capital announces promotions to support strategy pivot for single-family platform Present Made

Nuveen Real Estate partners with Apache Capital to deliver Present Made’s single-family housing development with Cambridge University’s Estates Division

Nuveen Real Estate, one of the largest real estate investment managers in the world with $152 billion of assets under management, has formed a joint venture (‘JV’) with UK-focused real estate investment manager Apache Capital to fund single-family build-to-rent (‘BTR’) housing across the UK. All sites will be developed and operated for the long-term by Present Made, Apache Capital’s wholly owned single-family BTR platform.  

The JV will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.   

The first site to be funded will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge and benefits from full planning approval. The scheme forms a key part of the University’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes (of which 50% are for University key workers as affordable housing), 2,000 student beds, 100,000 sq. m. of employment space and 5,300 sq. m. of retail.  

Alongside high-quality housing built exclusively for rent, Present Made of Eddington will provide a range of amenities and shared spaces, including a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.  

The Present Made team will provide round-the-clock resident support, be responsible for all maintenance as well as running a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.  

Start on-site at Present Made of Eddington is expected later this month. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025. Alternative lender BentallGreenOak has provided a development loan facility for the project.  

The scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.  

Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Single family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”  

Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”  

John Dunkerley, Chief Executive Officer at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”  

Alan Penfold, Managing Director at Present Made, said: “Between Nuveen Real Estate and the University of Cambridge’s Estates Division, we have two best-in-class partners to support the delivery of Present Made of Eddington. There is growing demand for high quality rental housing outside of city centres that provides both a lifestyle and a home, which we are looking to satisfy through Present Made, with Eddington serving as ‘proof-of-concept’ through the quality of its consumer offering.”  

Matt Johnson, Head of Development for North West Cambridge at the University of Cambridge, said: “Eddington is an exemplary neighbourhood home to a growing and diverse community of residents, students, businesses and service providers. Through our work with leading development partners, we are continuing to deliver much needed homes, across a range of tenures, which can support the continued growth of the Cambridge eco-system. Present Made will deliver high quality homes for rent providing residents with homes that support sustainable lifestyles, flexibility and choice. We look forward to welcoming the residents of Present Made to the community.”   

Martin Sheridan, Managing Director in BGO’s European Debt team: “BGO are very pleased to be supporting the Nuveen and Present Made JV in building out this prestigious and innovative single-family housing development in Cambridge. The transaction is consistent with our debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community. We have worked with the wider Apache group on multiple multi-family deals over the years and are excited to play a role in their new single-family housing platform as well.” 

Alan Penfold has been promoted to managing director of Present Made, the single-family build-to-rent housing platform of Apache Capital, an investment manager focused exclusively on UK living real estate.

Penfold, who had previously been an executive director at Present Made, will work closely alongside Apache Capital’s CEO John Dunkerley and chairman Mervyn Howard following the departure of founding partner Richard Jackson. 

Penfold spent four years as a director at Apache Capital before moving over to Present Made and brings over 15 years’ experience in housebuilding. Before joining Apache Capital, he held land and development-focused roles at Barratt Homes, Bellway Homes and Crest Nicholson. 

Under Penfold’s leadership, Present Made will broaden its strategy to include working with other developers, including volume housebuilders, as part of plans to rapidly scale the platform.

The Present Made team will be involved in the design and delivery of all schemes to ensure they meet the company’s ESG criteria and brand standards concerning amenity and service provision. Present Made will operate all sites for the long term and is targeting a net zero carbon operational model. 

Launched in 2021 by Apache Capital, Present Made secured its first planning consent in Summer 2022 to develop a 373-home neighbourhood in Eddington in partnership with the University of Cambridge. 

Alan Penfold, managing director at Present Made, said: “My ambition is to build on the excellent work that has been done so far in establishing Present Made as a leading player in the single-family build-to-rent space. 

“The key to success for any operational business is scale and right now we see a major opportunity in working with other delivery partners to rapidly grow our portfolio of sites. 

“We see our emphasis on all aspects of masterplanning and ESG, combined with strong branding that is underpinned high levels of service and high-quality design, as both a key differentiator and source of value creation.

“This conviction will be reflected throughout all our developments, including those delivered in partnership with third parties, all of which we will own, manage and operate for the long term.”

John Dunkerley, Apache Capital CEO, said: “Having been involved with Present Made since concept stage and with a solid background in housebuilding, Alan is perfectly positioned to take the business to the next stage. He brings to the table a wealth of experience and will build on our 15-year track record of delivering high-quality, professionally managed housing.

“From student accommodation through to senior housing and multi-family build-to-rent, our approach has been to work with best-in-class partners to create a leading market product that sets new benchmarks for quality, and we will continue this through with Present Made.

“The market conditions right now favour counter-cyclical asset classes like build-to-rent and we want to work with those looking to diversify into what is a fast-growing sector.

“By accelerating the growth of Present Made through the right partnerships, we can achieve scale faster and drive operational efficiencies without compromising on the qualities that will ensure our investments perform strongly over the long-term.”

Harrison Street, Apache Capital and NFU Mutual Expand Joint Venture Portfolio with Moda Living in UK’s Largest Regional Build-to-Rent Deal

Apache Capital (“Apache”) has expanded its build-to-rent (“BTR”) joint venture (“JV”) with Harrison Street, one the leading investment firms exclusively focused on alternative real assets, and NFU Mutual, to fund Moda Living’s Great Charles Street, a 722-home BTR development in Birmingham, UK.

The JV, which was formed in 2018 to fund premium BTR developments across the UK, now includes six assets, representing a total of 3,050 homes. In addition to Great Charles Street, current projects include Moda, The Mercian, also in Birmingham, Moda, The McEwan in Edinburgh, Moda, The Lexington in Liverpool, Moda, New York Square in Leeds, and Moda, Holland Park in Glasgow.

The announcement marks the largest regional BTR funding deal completed in the UK. Moda will develop, manage, and operate the £302m (GDV) Great Charles Street, which is set to begin phased delivery in October 2025 and will prioritize leading ESG certifications.

The development is one of the largest regeneration projects in Birmingham City Centre and within walking distance to key leisure destinations. Once completed, it will offer 722 homes for rent, ranging from spacious studios to three-bedroom apartments with exclusive views over one of Birmingham’s oldest districts, the Jewellery Quarter.  

Residents will benefit from a range of luxury finishes and amenities, including a rooftop terrace and BBQ areas, gym with personal training and classes, bicycle storage, washing and repair station, residents’ lounges, private dining, cinema room, meeting rooms and co-working space and secure parking, as well as a 24-hour concierge and onsite security.

New public realm and green spaces at ground level will provide new walking and pedestrian routes, as well as community facilities, including retail and leisure units, at the former brownfield site, which has been undeveloped for more than 50 years.

Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, “We’re thrilled to expand our partnership with Apache, a leading investor in the premium UK build-to-rent space and Moda, a leading developer in the UK and pioneer in the build-to-rent sector, to bring this development to Birmingham. The Birmingham market is backed by strong demographics, with the greatest concentration of businesses outside of London and home to many leading universities. This transaction underscores our continued efforts to invest in premium BTR assets in leading markets across Europe.”

John Dunkerley, CEO at Apache Capital, said, “Today’s announcement – the largest regional build-to-rent funding deal to date – underlines our conviction in build-to-rent as a major institutional asset class. It also demonstrates the enduring appeal of our highly amenitised, highly serviced model, which has been proven by the success of our first Birmingham asset, The Mercian. In Harrison Street, NFU Mutual and Moda Living, we have a set of experienced partners that have helped us build a market-leading platform and we are pleased to have expanded it with this transaction.”

Johnny Caddick, CEO at Moda Living, said, “This is a huge moment for Moda Living, securing what is the market’s largest ever regional deal for a BTR asset. It’s testament to the teamwork of our team and partners Harrison Street, NFU Mutual and Apache Capital that have worked tirelessly to overcome multiple headwinds and get this over the line. Birmingham is a key city for Moda and another scheme with all the fundamentals that create an incredible place for residents to live. We look forward to working with Harrison Street, Apache, Birmingham City Council and other key stakeholders to get this fantastic project out the ground.”

Ian Ward, Leader, Birmingham City Council, said: “This is a hugely exciting project, breathing life and community back into a key central site which has been unused for more than 50 years. Moda’s development at Great Charles Street will deliver much-needed new homes to Birmingham and will be central to the ongoing transformation of the city centre. I look forward to working with Moda, Harrison Street, NFU Mutual and Apache Capital as they deliver this exciting new chapter for the Jewellery Quarter.”

Will Jordan, Partner at Knight Frank, said, “This is a landmark deal for the UK’s BTR market. As the biggest agreement ever signed outside of London, Moda, Harrison Street, NFU Mutual and Apache have blazed a trail in what is a huge show of confidence for a market that continues to go from strength to strength despite challenging economic headwinds. We’re delighted to have advised the parties to help them reach this fantastic milestone, and we look forward to seeing Great Charles Street delivered in what will be a majorly beneficial addition to the Birmingham skyline.”

Tom Bostock, property investment manager at NFU Mutual, whose headquarters are in the West Midlands in nearby Warwickshire, said, “We are pleased to expand our build-to-rent joint venture with Apache Capital and Harrison Street. High quality, purpose-built rental accommodation such as our Great Charles Street development provides long term steady income streams while helping major cities like Birmingham attract and retain talent. The regeneration of the site is underpinned by an intense focus on ESG that is in line with our corporate vision, illustrated through the socio-economic benefits for the local community and a wide range of carbon cutting measures at the construction and operational phase.”

Harrison Street’s European strategy encompasses alternative investments in student accommodation, senior housing, build-to-rent residential, and life sciences real estate. The Firm’s build-to-rent experience in Europe includes 16 assets totalling approximately 5,650 units across the UK, Spain and Ireland. The portfolio includes eight assets in the UK with over 3,000 residential units developed to date in partnership with experienced local developers and operators.