Goldman Sachs and Tene Living acquire three BTR assets

Goldman Sachs and Tene Living acquire three Build to Rent assets from Quintain, with plans to refurbish and execute ESG upgrades.

Quintain Living's Emerald Gardens. Goldman Sachs and Tene Living have acquired the Montana and Dakota as part of this scheme, alongside the Alto scheme | BTR News
Quintain Living's Emerald Gardens. Goldman Sachs and Tene Living have acquired the Montana and Dakota as part of this scheme, alongside the Alto scheme.

Goldman Sachs Asset Management and Tene Living have acquired three of Quintain’s Build to Rent assets in Wembley Park, London. Totalling 261 units, the buildings acquired are the Alto, Montana and Dakota.

“We are excited to partner with Tene Living on the acquisition of Alto, Montana and Dakota, three high quality residential rental assets in Wembley Park, London. This investment fits well with our continued conviction in the UK residential sector, supported by favourable macro tailwinds and a business plan that will add value to both our tenants and future investors.”

Chris Semones, a Managing Director in the Real Estate Business within Goldman Sachs Asset Management

Located in the North Western lands of Wembley Park, the Montana and Dakota Build to Rent developments completed in 2016 and form part of a seven-block scheme called Emerald Gardens. Surrounded by an acre of landscaped private gardens and featuring a number of amenities, these two buildings total 141 units.

The award-winning Alto Build to Rent building completed in 2017. The scheme includes 120 homes and offers residents views across the capital and a prime view of the Stadium arch from the roof terrace.

Goldman Sachs and Tene Living plan to refurbish the schemes amenities, provide hands-on and efficient management, and proactively execute environmental, social and governance (ESG) uplifts, providing tenants with an enhanced rental experience.

“We are delighted to be working with Goldman Sachs and look forward to being part of the thriving community Quintain has created in Wembley Park. The UK’s professional rental market is still in its infancy, creating a huge opportunity for innovation. Leveraging our experience in other global markets, we’re creating a quality and value-oriented product that avoids the pitfalls of existing privately owned and managed rentals, while enhancing customer experience and ESG credentials.”

Roger Orf, Founding Partner and Chairman, Tene Living

Slated as the UK’s most established multifamily-led, mixed-use regeneration schemes, Wembley Park is centred around the iconic Wembley Stadium and is popular amongst commuters, families and students. Designed to be a 15-minute neighbourhood, residents benefit from being a stone’s throw away from 1.7m sq ft of leisure, commercial and retail space.

Residents at all three schemes benefit from excellent transport links, with Wembley Park and Wembley Stadium Station offering providing access to Baker Street, Marylebone and Bond Street in under 20 minutes. 

“This deal is part of our strategy to sell stabilised Build to Rent buildings and recycle capital and underlines our commitment to delivering hundreds of new homes at Wembley Park, alongside retail, leisure and public realm. We were delighted that Montana, Dakota and Alto leased so quickly when they were launched to market and are proud of the stabilised assets they quickly became.”

James Saunders, CEO, Quintain

Tene Living is developing a portfolio of over 5,000 purpose-built rental homes across the UK, aiming to capitalise on the need for high-quality but affordable and well-located accommodation.

The company is targeting the UK’s high growth regional centres and Greater London commuter towns, and will focus on providing centrally located and affordably priced rental homes to provide a seamless, professionally managed rental experience and segment focused amenities within a vibrant community. 

Founding Partner and Chairman of Tene Living, Roger Orf has spent most of his career investing in the European real estate markets – including heading up Citigroup’s global real estate investment activities, and Goldman Sach’s European real estate investments.

Ted Orf has led operational real estate strategies across European real estate markets, most recently as Managing Director of MARK Capital Management. He also co-founded Revolt, a real estate technology investment and implementation platform. During his career, he has transacted over EUR 5bn of real estate, including in partnership with leading investors such as APG.

Tene Living’s Founding Partner and CEO Sagi Rubin most recently built out Zoia in Greece – to become the country’s first and leading Build to Rent developer-operator, with over 40 buildings under management.

“First-generation Build to Rent assets require considerable know-how and capital expenditure to bring them in line with current standards. This is the first of many deals where we plan to leverage our residential Build to Rent experience from across Europe and the US, to deliver centrally located and competitively priced rentals with a seamless, professionally managed rental experience and segment focused amenities within a vibrant community.”

Sagi Rubin, Founding Partner and CEO, Tene Living