, said it valued the asset class for its reliable, albeit lower-earning, returns and relatively low risk.“The fund’s investments in residential housing are required to deliver appropriate risk-adjusted returns,” Hesta CEO Debby Blakey told theIt’s a role none of the people playing in the BTR space are seeking to do.
“It’s a role none of the people playing in the BTR space are seeking to do and that’s create an at-scale platform – bringing together the development community with the investment community with community housing providers to produce a pipeline that is big enough to be attractive enough to those institutional capital investors who need scale,” Ms Viney told“It’s very targeted to making sure it’s serving that middle, ordinary working Australian cohort.
Developer and affordable BTR operator Assemble will be development manager of the 1600 dwellings in the first fund, which will comprise 20 per cent affordable housing and 20 per cent social housing, with the balance at market-rate BTR and specialist disability housing. Construction on the first building – with 370 apartments and retail space – at 402 Macauley Road in Kensington will start in April.Other developments the fund will own are a 480-apartment building on St Georges Road in inner-northern Melbourne’s Preston, a 170-unit building on Sydney Road, Coburg in conjunction with the Uniting Church, a 350-apartment building on Cavendish Road in southeastern Melbourne’s Clayton and a 330-unit building on East Boundary Road in nearby Bentleigh.
The mixed-tenure approach is expected to provide investors diversification benefits with... low vacancy rates and high demand.
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