Investment management firm, Harrison Street, who focus on alternative real assets and its joint venture partner, Cortland, a multifamily real estate investment, development and management company announce the development of a new Build to Rent scheme – known as Cortland Broad St. – in Birmingham.
Cortland Broad St. will deliver 440 new Build to Rent homes – a mix of one- and two-bedroom apartments. The scheme will include a 35-storey tower and a low-rise six storey apartment block. The 2,000 sq ft of amenity space will include resident lounges, a private dining area, a gym, cinema room, co-working space, bouldering wall and roof terrace. The scheme is expected to complete in early 2024.
The project was brought to market by Knight Frank and the development is being undertaken by Cortland. Senior debt funding for the scheme is being provided by AllianceBernstein.
“We are delighted to have completed the transaction at Broad Street in Birmingham, which is the culmination of hard work from our partners.”
“Since entering the UK market in 2017, our goal was to redefine and reimagine the rental living experience in the UK. We’ve aimed to do this by importing our proven US resident-centric rental model to the UK for both Build to Rent and other private rented sectors. With Cortland Broad St., Cortland will revise market expectations as we bring to market our unparalleled residential management offering.”Owain Thomas, Senior Director – Europe, Cortland
Cortland Broad St. is located in an established residential neighbourhood – and is close to major employers and business centres at Brindley Place, dining and entertainment options, and several public transportation options.
“Birmingham is home to the greatest concentration of businesses outside of London and is experiencing significant investment in new public transportation options making it easier to live and work in the city.”
“Despite the city’s major companies and start-ups, deep talent pool and leading universities, Birmingham does not have the high-quality rental accommodation that the growing population of young professionals demand. We are pleased to expand our partnership with Cortland to deliver an exemplary residence with high-end amenities that demonstrates the attractive pipeline of first-class Build to Rent projects we seek to identify and invest in with the JV.”Paul Bashir, Chief Executive Officer of Harrison Street’s European business
Cortland Broad St. is Cortland and Harrison Street’s second development in the joint venture, which was formed in 2020 with an attractive pipeline of Build to Rent projects across the UK representing a GDV in excess of £750m. The first investment for the joint venture was Cortland Cassiobury, a 367-unit Build to Rent property in Watford.