Developer Resimax is building a portfolio of 500 rental homes in Melbourne’s suburban fringe. It’s a new offering and brings perks – such as getting the grass cut.
In an Australian first, developer Resimax is establishing a build-to-rent portfolio of three- and four-bedroom detached houses in greenfield estates on Melbourne’s outskirts and part of the deal is that tenants do not have to mow the lawns., Wallan and Mernda, in what it expects to build up to a 500-home portfolio, and lawn mowing is part of what they get for their rent, chief executive Aziz “Ozzie” Kheir said.
The push into standalone homes is new in a country where the BTR market to date has focused on apartments. Resimax’s move is also targeting a different rental niche from inner-city mid-premium market renters.was $690,000 in June, while in Wallan in the north it was $620,000 and in Mernda, in the north-eastern suburbs, it was $660,000.
The fund, in which an overseas-based institutional investor had taken a “small” equity stake, would ideally grow, Mr Kheir said. The limitation was not demand, but the developer’s ability to secure more stock. It is not unheard of, however. In the US, Lendlease operates standalone build-to-rent properties, known as single-family homes. Low- and medium-density housing formed the basis of the US BTR industry, Mr Warner said.
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