Meadow Partners Acquires Residential Tower in London’s Croydon
LONDON – March 17, 2023 – Meadow Partners (“Meadow”), an institutional middle-market real estate investor, today announced that it 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.
Meadow created MP Living Ltd and obtained the necessary regulatory approval from the Registrar for Social Housing in 2021. This gives Meadow the unique 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 Ltd’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.
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.”
McDaniel continued, “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.”
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.”
About Meadow Partners
Based in New York and London, Meadow Partners is a $5.8 billion vertically integrated real estate investment manager specializing in global middle-market transactions. Since inception in 2009, Meadow has leveraged its unique platform including in-house project management, development and construction to execute on investment opportunities across multifamily, office, industrial and retail investment on behalf of institutional investors globally. 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. For more information, please visit https://www.meadowpartners.com/.
Mark Semer / Grace Cartwright
Gasthalter & Co.