Pinnacle Residential Fund acquires first market rent asset
The Pinnacle Residential Fund, managed by Pinnacle Investments, has acquired its first market rent asset with assistance from Secure Trust Bank Real Estate Finance (STB REF).
The residential property fund secured a £4.2m loan to fund the purchase of The Residence at Lurke Street, Bedford.
Comprising 37 apartments, The Residence was acquired from GoDevelop.
Pinnacle Investments, an affiliate of the Pinnacle Group, was established last year.
The fund was set up to acquire a portfolio of residential assets with stable and long-term income and capital growth prospects.
Paul Carmody of Outside the Box Capital Solutions and Anand Jogia of Impera Advisors advised Pinnacle Investments.
Chris Turnbull, managing director of Pinnacle Investments, said: “The Residence is newly finished to a high specification.
“It is in the heart of Bedford and less than a mile from Bedford Station, with services to London, Milton Keynes and Luton Airport.
“It has first class amenities right on the doorstep, in a market underserved by good quality rental stock.
“We didn’t anticipate completing our first acquisition during a national lockdown, but with the help of Secure Trust Bank Real Estate Finance we were able to get the deal over the line.”
James Conolly, London-based relationship director for STB REF, said: “It has been great working with Chris and his team to help Pinnacle achieve this landmark first acquisition.
“We look forward to working with the fund as it seeks to build its portfolio.”