PRSim, part of LSL Property Services plc (LSL), and a leading provider of services to the Private Rented and Build to Rent sector, has been appointed as property manager to Hearthstone Investment Management’s institutional investor-backed private equity fund, Hearthstone Residential Fund 1 (HRF1), which has purchased a substantial number of houses from two major house builders. The two, three and four bedroom houses in five locations are scheduled to be completed in 2019 for a phased delivery by December. PRSim will lead the project with Hearthstone Investment Management on the lease up and full management of these schemes as they reach completion.
The deal was introduced by LSL Land & New Homes which has been working closely with a number of large developers to offer new home portfolios to HRF1. PRSim supports the acquisitions with market analysis via its data and consultancy service. Acquired portfolios are brought under PRSim’s management and by offering lower deposits and by being pet friendly, tenants are secured quickly.
Katherine Rose, PRS & BTR Client Services Director at PRSim, said:
“HRF1’s recent acquisitions bring good quality housing to the rental market. The scheme design and quality of finish brings a premium product to a location where there is expected to be strong demand. This is reinforced by the quick let up rate in Bristol where we saw all 12 units occupied within a month of practical completion. Our innovative, customer centric management approach will ensure residents experience a whole new way of living. We are incredibly excited and proud to be working with Hearthstone Investment Management”.
Richard Otten, Partner & Director of Asset Management, Hearthstone Investment Management commented:
“We are delighted to be working with LSL Land & New Homes and PRSim to offer our tenants good quality and well-maintained homes in locations equipped with local infrastructure and offering sustainable employment. Our fund HRF1, which closed earlier this year for just over £200 million, will make further acquisitions in UK regions with a particular focus on the north of England to grow our portfolio to around 1,000 homes by this time next year.”