Realstar and QuadReal Property Group have added to their growing London portfolio under their programmatic PRS joint venture by acquiring a residential rental complex in east London from Kennedy Wilson for approximately £100 million.
A landmark development within Ilford town centre, Pioneer Point includes 294 residential units within two towers – 35,000 square feet of fully leased commercial space and 10,000 square feet of extensive resident amenities.
“Whether for a night, a year or a decade, Realstar strives to be the most trusted owner and operator of the places our customers call home. We believe that properly managed, large-scale residential rental assets are a critical element to help solve London’s housing needs and Pioneer Point represents a great opportunity to help more residents experience our 45-year track record of award-winning customer service alongside great amenities and convenient location,” said Ryan Prince, Managing Partner of Realstar.
The development offers residents a dedicated on-site concierge and property management suite as well as resident lounges, meeting spaces and work pods, a quiet lounge, entertainment spaces with open plan kitchen and dining rooms, a kids’ zone, games room and cinema.
“We’re incredibly excited to continue our 25+ year investment relationship with QuadReal. Pioneer Point is a unique investment as the core strategy for the partnership is to acquire and develop new-build rental properties as we’ve done to date in Wembley, Southall and Colindale. The joint venture is already well underway, with over £400m of assets already secured and we look forward to finding additional opportunities with a view to reaching over £1B of assets over the upcoming year or two,” said Prince.
