Apache Capital Partners has bought the development through its joint venture with Investra Development.
Orchard Homes, the vendor, already has planning permission for a 198-bed premium purpose-built student accommodation development at 14 Cumberland Place in Southampton city centre. It will comprise a mix of studios and two- and three-bed cluster flats over 12 storeys, along with communal facilities including study areas, a common room, a cinema and a gym.
Construction is due to begin within the next few months and practical completion is expected by September 2018.
On completion of this scheme, Apache Capital will have developed and invested in a total of 1,774 premium student accommodation beds across five UK assets in Cambridge, Ipswich, London (two) and now Southampton, with a total value of £256m.
Apache Capital Partners managing director Richard Jackson said: “This acquisition is in-line with Apache Capital’s long term investment strategies which deliver sustainable returns to investors and landmark assets offering very high quality amenities, facilities and services for our customers who live there. We continue to grow our pipeline of potential student accommodation investments in prime university cities in the UK.”
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