Real estate investor Meadow Partners has acquired a 128-apartment residential property located in the centre of Croydon, as part of plans to build up a multifamily platform within Greater London. Financial details were kept confidential.
Centrally located in Croydon Old Town, an established and highly connected urban area within Greater London, the property provides for both private and affordable tenure, with a total of 68 private and 60 affordable units all located within one 23-storey block. The apartments will be leased and managed by Meadow’s dedicated arm, MP Living.
Meadow created MP Living and obtained the necessary regulatory approval from the Registrar for Social Housing in 2021. The platform gives Meadow the ability to purchase, hold and manage all tenure types of UK housing including regulated affordable and social housing.
Historically, affordable housing that is operated in rental markets has only been owned by local councils, housing associations and charities due to the need for regulated status. MP Living’s formation significantly broadens the scope of residential investment opportunities that Meadow can pursue, including purchasing entire blocks including both private and affordable residential units.
‘This acquisition is an exciting step in the growth of our multifamily investment strategy, as we continue to actively pursue opportunities in the sector on both a direct and joint venture basis,’ said Andrew McDaniel, co-founder and partner of Meadow Partners.
‘Over the last four years, we have seen significant rental growth in our existing portfolio supported by consistently high occupational rates. The ongoing chronic undersupply of suitable residential accommodation in London will only serve to bolster this demand and this transaction reflects our continuing confidence in London’s rental market.’
Based in New York and London, Meadow Partners is a $5.8 bn vertically integrated real estate investment manager specializing in global middle-market transactions. Meadow currently employs 28 professionals and manages a series of commingled opportunistic funds, a perpetual life vehicle, and two core/core-plus separately managed accounts.