Local Residential has become Australia’s largest build-to-rent platform after picking up the management rights to the biggest precinct in the sector nationally.
The platform has acquired the right to Smith Collective on the Gold Coast, which is majority owned by Abu Dhabi Investment Council.
The precinct 5km north of Surfers Paradise is Australia’s largest operational build-to-rent community of 1252 apartments and townhouses.
It began life as the athletes’ village for the 2018 Gold Coast Commonwealth Games and now includes extensive retail space, a public plaza and parklands, as well as such resident amenities as multiple pools, gyms and communal spaces.
The transaction also marks Victoria-based Local’s first interstate expansion and brings its total portfolio value to more than $2.46 billion.
With the Gold Coast asset, Local’s total portfolio now numbers 3246 apartments under construction or management, encompassing five key projects in Melbourne; Local: Kensington, Local: Box Hill, Local: South Melbourne, and sites at Southbank and Docklands.
Local co-chief executive Dan McLennan, who also co-founded the platform, said its involvement in the original creation and development of Smith Collective “began our journey in the Australian build-to-rent market over a decade ago”.
Fellow co-chief executive Matt Berg said the deal “marks a transformative moment in Local’s growth strategy”.
“It allows us to expand our community-centric, sustainable housing model into the Queensland region with Australia’s largest operational build-to-rent asset.
“The proven success and scale of Smith Collective provides a solid foundation for our interstate expansion.”
