New Build-to-Rent Player Prepares $500m Melbourne Pipeline
Newly minted build-to-rent platform Alt Living is confident it will raise $200 million in capital in order to break ground on two build-to-rent projects in central Melbourne this year.
The company is backed by Melbourne-based developer Landream which had in early 2020 signalled its intentions to switch a number of its residential developments from build-to-sell to build-to-rent.
Landream’s executive team Kevin Li and Kim Pham will now join the Alt Living platform, while its development team will be headed by Toby Pope, a Melbourne-based developer with a record of delivering residential and commercial properties.
Alt Living chief executive Chrystan Paul, formerly managing director of co-living platform Hmlet, told The Urban Developer its first development would be at 100-106 Franklin Street in Melbourne’s CBD, a site bought by Landream in late 2020 for $30 million from residential developer Burbank.