Apache Capital Partners fully funds £128 million Angel Gardens in Manchester


Apache Capital Partners, in conjunction with its joint venture partner Moda Living, has acquired the Angel Gardens development, a 34-storey premium Private Rented Sector (PRS) accommodation scheme in Manchester.

Apache Capital has fully funded the £128 million development of the scheme, for which full planning consent has been secured.

Angel Gardens is the seed asset of Apache Capital’s JV with Moda Living, which has to date secured a £1 billion by gross development value PRS development pipeline comprising of approximately 5,000 units, located in prime city centre sites across the UK’s major regional cities.

Angel Gardens is situated in the heart of Manchester, at the centre of the wider Co-op/Hermes NOMA 20-acre mixed-use regeneration project in the city centre, bordering the Northern Quarter. The landmark 34-storey property, totalling 520,000 sq ft and comprising 458 apartments, will be finished to a high specification. The development boasts state of the art design features including a seven-storey glazed foyer, a cinema room, gym, four restaurants, retail units, digital integration and a multi-functional roof terrace which can be used for five-aside football, tennis or as a yoga practice space – offering a lifestyle choice not currently available to today’s renters.

Apache Capital and Moda Living were advised on the acquisition by CBRE who also helped to create the investment platform.

Richard Jackson, Co-Founder and Managing Director of Apache Capital Partners, said:

“Our Joint Venture partnership with Moda Living has now secured a £1 billion premium PRS pipeline of prime UK city centre sites. Apache Capital has the financing available to bring this to market and has already secured £128 million that fully funds our Angel Gardens development.

Our investors are clearly seeing the potential to capture attractive income growth and superior capital returns in our unique offering, through the quality of our developments and services and our first mover advantage in a significantly undersupplied sector.

The PRS market in the UK is worth £900 billion and growing, yet remains fragmented and presently overwhelmingly dominated by small, private-let landlords. We are focused on that significant gap between increasing tenant demand and the undersupply of institutional grade and scale of stock in PRS, which will be the next institutional assets class, as we have seen with the student accommodation market.”

Johnny Caddick, Director of Moda Living, said:

“We have formed a long-term alliance with Apache Capital Partners meaning both developer and the fund are co-invested and committed to delivering an initial pipeline of 5,000 units with a GDV of £1 billion. What this means is we’re setting the pace. We are bringing out of the ground, developments that we know people aspire to live in and an investment opportunity that is unique and ahead of the competition. Our ethos, and why our PRS portfolio will stand the test of time, is based on building a brand and quality of product that is currently not available in the regions, of which Angel Gardens is a prime example.”

Chris Lacey, Executive Director and Head of Residential Capital Markets, CBRE, commented:
“We are delighted to have advised Apache Capital Partners and Moda Living on the structuring of its new PRS platform JV. Angel Gardens is the inaugural scheme for the JV and a clear market leader. It has huge financial firepower and the ambitions to match having already secured a very extensive pipeline of PRS assets across key sites nationwide. Our involvement demonstrates CBRE’s commitment to the UK PRS; a fast growing sector where we see significant opportunities. We look forward to continue working with Apache Capital and Moda Living in the future.”