Hearthstone Investments acquires 45 SFH BTR homes in Exmouth

Hearthstone Investments’ growing portfolio now totals over 1,800 affordable homes in communities across the country.

Hearthstone Investments will apply its affordable housing strategy to the newly acquired homes from 3West Group | BTR News
Hearthstone Investments will apply its affordable housing strategy to the newly acquired homes from 3West Group.

Investment manager focused on affordable private rented housing in the UK – Hearthstone Investments – has acquired 45 new single-family housing (SFH) Build to Rent homes in Exmouth.

Situated nearby the Southwest Coastal Path in East Devon, the homes were purchased from privately owned regional SME developer operating across the Southwest of England 3West Group, on its Goodmores scheme.

“The Southwest has historically seen a shortage of institutional investment despite its robust fundamentals. This transaction marks our inaugural venture of scale with an institutional investor. We are confident that these houses will be professionally managed, meeting the needs of families wanting to rent high quality new homes in our community. This transaction acts as a catalyst for our Goodmores, Exmouth development comprising nearly 300 new homes. The scheme is anticipated to deliver a new primary school, a supermarket, a care home and other commercial amenities. Goodmores has already contributed over £3m in community contributions.”

Colin Palmer, Joint Founder and Director, 3West Group

Hearthstone Investments’ proposition focuses on the delivery of private rented housing for people on average incomes. The investment strategy aims to build regionally diversified portfolios of houses and low-rise apartment blocks in areas where the supply and demand imbalance is significantly challenging.

The company manages capital on behalf of institutional investors, predominantly UK Local Government Pension Schemes.

“Our investment strategy is to build portfolios for our investors with a healthy regional balance and diversification. We pride ourselves in sourcing the best available homes from large national as well as the best regional developers. Our partnership with 3West Group, an established regional housebuilder, means we can facilitate construction of 45 houses within a larger development supporting jobs in the local economy. As we progress, we will be working with local agents and contractors, bringing a positive impact on employment in the region from this investment.”

Helen Simons, Investment Director, Hearthstone Investments