Packaged Living launches new suburban single family housing rental platform
Packaged Living, a UK private rented sector specialist backed by Fiera Real Estate has launched a single family rental housing platform.
Packaged Living’s single family housing platform will work with volume house building partners to develop and operate a nationwide portfolio of 5,000 single family homes over the next five years across the UK and will complement the current multifamily apartment development pipeline of over 2,000 apartments across several cities, including Newcastle, Manchester and Milton Keynes.
The single family housing platform is already under offer to acquire a first tranche of homes with completion due in 2021 and will continue to seek to develop and operate traditional suburban single-family housing portfolios, comprised of schemes totalling 50–200 homes.
The single family housing business will be headed by Jonathon Ivory, a leading figure in the build to rent industry and former head of Atlas Residential UK, a major player in the UK BTR sector over the last decade.
Ed Ellerington, Founder and Managing Director of Packaged Living, says: “We are extremely excited to launch our new single family housing arm. Packaged Living has been highly successful since inception in growing its multifamily, apartment led platform. The new business will unlock value by combining the construction expertise of our various housebuilding partners and our best in class ‘in-house’ development and operational capabilities. Having seen what Jon has achieved in the sector from its early beginnings I am delighted that he is joining us to spearhead the new venture.”
Former Managing Director of Atlas Residential UK, Jonathon Ivory, says: “The opportunity presented to work with Fiera RE and Packaged Living is one I am relishing. Whilst the investment community has largely focussed on city dwelling professionals living in urban ‘multifamily’ apartments, millennials have been getting married, having children and moving to the suburbs. By doing so, they join the 2.3 million households already residing in the suburban private rented sector seeking professionally managed homes. Our single-family rental platform shall leverage this opportunity, made more compelling by the ‘working from home’ requirement for additional (suburban) space, by matching institutional capital with stabilised residential income, via the delivery of much needed homes throughout the UK.
Alex Price, UK CEO of Fiera Real Estate and Chairman of Packaged Living says: “Our single family housing platform offers investors the opportunity to capitalise on a materially underinvested market, where we forecast significant growth. As houses become less affordable to buy, the fundamental need from families for somewhere to live will continue to grow. Through Packaged Living, Fiera already has a significant offering in the multi-family apartment space. This further investment will allow us to meet another equally important need; to provide families with housing.”