PGIM Real Estate and Point Capital have already purchased two properties since entering a joint venture to develop a portfolio of residential properties for rent in Australia.
One is at 458 Wickham Street in Fortitude Valley, Brisbane, while the second is located at 7 Macquarie Street in Parramatta, Sydney. Both locations were selected on account of their status as key employment, residential, and entertainment hubs that are close to public transport.
Each property comprises approximately 300 affordable, small-scale apartments.
PGIM and Point Capital aim to develop a further two to three projects with an initial portfolio target of 1250 to 1500 beds at completion.
The projects will use a modular construction method, which will save money and speed up the building process.