Located in MediaCityUK in Salford, the site is the first forward-funded BtR development in the area. Opposite the BBC offices, it is just 10 minutes into Manchester city centre.
This is Atlas’s third UK BtR investment, following projects in Birmingham and Southampton.
The 189,204-square foot building will feature 238 apartments over 19 storeys. Work on the site is due to start in October 2017.
This is IPIM’s first investment into the UK private rented sector (PRS), although it has acquired nine student accommodation assets across the UK with a gross domestic value of £160 million.
The investment manager focuses on purchasing value-add and opportunistic properties in student accommodation, healthcare, PRS and hotels in Europe, the US and Australia.
The joint venture will look to replicate IPIM’s US success in the UK, taking advantage of key fundamentals in the market including job growth, good transport links and strong housing demand.
Jonathan Ivory, managing director at Atlas Residential, said: ”We consider MediaCityUK to be a core part of the Greater Manchester regeneration story and by acquiring this asset are pleased to be participating in the success of Peel's impressive master planned vision.”
Selina Williams, investment director at IPIM, said: "The UK PRS sector is a natural progression following our investments in direct-let student accommodation. The calibre of the operator is critical to the success of a PRS investment, and we have every confidence that in Atlas we've found a partner who will be able to capitalise on their longstanding experience in the US to deliver a tenant-focused building in the UK.”