North American multifamily owner-operator Atlas Residential and UK PRS property manager Wildheart Residential Management have merged their collective expertise into a new joint venture to create a first of its kind ‘Anglo-American’ UK Build to Rent management platform.
The new entity, trading as Atlas Residential, will offer an operations and management platform, and will seek to provide full service property management solutions and consultancy to the growing number of domestic and overseas institutional investors currently aggregating their own rental apartment communities and portfolios throughout the UK, but whom lack in house operational expertise.
Jonathon Ivory, Atlas Residential Managing Director and UKAA President said, “Working with Wildheart will bring together two decades of American systems and industry sophistication with British knowledge and market experience to create a unique Anglo-American platform. We will be able to apply nuanced local knowledge and best practices to the UK market in a way that no other firm has been able to date.”
Simon Halls, Wildheart Residential Management CEO said, “This exciting partnership is the fruition of a relationship that stretches back over a decade. We have worked closely with Atlas in the instigation of their UK operations and are delighted to formalise ongoing arrangements. We could not wish for a better partner to work with and truly believe this JV will escalate both party’s activities in the growing Build to Rent arena.”
The Atlas UK Build to Rent construction pipeline currently includes over 600 units in Southampton and Birmingham respectively. In the US, Atlas has operated over 70,000 apartments since 1992 with a transaction value in excess of $7 billion. Atlas will continue to develop and own UK apartment communities throughout the UK outside of its initiative with Wildheart.
Wildheart currently manages approximately 3,000 apartments in the UK and in addition to its expertise in managing large scale private rental portfolios, also has experience in block management and facilities maintenance.