Meadow Partners has acquired a 128-apartment residential property located in the centre of Croydon, London. The property will form part of the firm’s growing multifamily platform within Greater London.
Centrally located in Croydon Old Town, an established and highly connected urban area within Greater London, the property offers excellent links to the city centre as well as access to a wide array of local amenities. 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 have been uniquely designed to maximise space and provide sustainable and high-quality finishes to residents. The affordable apartments will be leased and managed by Meadow’s for-profit Registered Provider, MP Living Ltd, providing a holistic offering across tenures.
Andrew McDaniel, Co-Founder and Partner of Meadow Partners, commented: “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. 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 accommodations in London will only serve to bolster this demand and this transaction reflects our continuing confidence in London’s rental market.”
Joe Copping, Director of MP Living Ltd, added: “This is an exciting acquisition for MP Living Ltd. The Property is an excellent strategic fit as it provides a significant new supply of apartments of differing tenure types (19 affordable rent and 41 shared ownership apartments) and will provide a best in class building to help people and the neighbourhood thrive.”
