Aware, Barings boost BTR portfolio
Aware Super is teaming with Barings to buy a build to rent complex, under construction, with 366 dwellings.
The deal for the Brunswick & Co complex, 111 Alfred Street – also known as 210 Brunswick St – Fortitude Valley, is worth c$285 million or $780,000 per apartment.
Frasers Property Australia is the seller.
Prior to starting construction, it struck a deal with the state government to lease 144 units through a subsidy, part of a BTR pilot plan.
Completion is scheduled next year.
CBRE listed Brunswick & Co in March.
The deal comes a week since we reported FPA sold the 5-star Fraser Suites hotel in East Perth for just over $105m to the state government, which is planning a repurpose for social housing.
Brunswick & Co
The 25 level Brunswick & Co is designed with 1900 sq of resident-only amenity including a rooftop pool, co-work space, fitness centre, treatment room, cinema, dining area and dog park.
Units will be configured as studios or with one or two bedrooms.
Aware with Barings holds a portfolio of BTR development sites including in Melbourne, the ex-Bayview on the Park on Queens Road, near St Kilda Junction, which cost $70m in 2021, and is in the process of being replaced. A Preston block set the partnership back $14m three years ago.
In Brisbane, it will compete for residents with Hines and Ontario Teachers Credit Union which last year outlaid $350m for two BTR assets: 28 Robertson St, Fortitude Valley and 13-17 Cordelia St, South Brisbane.
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