The partners say "the new neighbourhoods will embody Moda's core principles of creating the optimum rental experience for its members with a core focus on outstanding customer service, community and wellness".
With a highly efficient and centralised amenity provision, and flexible and functional spaces, the new model targets a more accessible price point in the UK BTR market and is described as complementary to Moda's existing platforms with investors including Harrison St, NFU, and Apache Capital.
This latest platform announcement takes Moda's overall development pipeline to more than 15,000 units with a GDV of around £5 billion, making it the UK BTR market's largest privately owned developer operator. This marks the first investment KKR has done in the UK BTR market through a platform structure.
The announcement follows the launch of a Moda Living and Ares JV which will develop a £1 billion surburban BTR portfolio.
Moda's new platform with KKR will "develop and operate best-in-class, tech-enabled neighbourhoods with a condensed amenity offering at a more accessible price point than current platforms for residents in urban and suburban areas".
The platform will focus on less core city centre locations and low to mid rise buildings. The new venture is set to make its set to make its debut development in Birmingham, where it will deliver a 398-home neighbourhood at New Garden Square in Edgbaston.
Moda and KKR have acquired the two-acre site from Calthorpe Estates, with Moda working closely with Court Collaboration, a Birmingham based developer, on design and procurement to bring forward the scheme. The neighbourhood will sit within Calthorpe Estates' Edgbaston Village regeneration.
Tony Brooks, managing director at Moda Living, said: "We are thrilled to be launching a new living platform with KKR, who share our vision of creating and running state-of-the-art rental communities to cater to all demographics". They are a fantastic global strategic partner, and with our joint ambition and complementary skill sets we are in a strong position to roll out our strategy across the UK."
Rosa Brand, director at KKR, said: "Build-to-rent residential remains a priority sector for us in Europe, and we are very excited to create a unique, best-in-class portfolio with our strategic partners Moda Living".
KKR's investment in Moda Living was made via its second dedicated European real estate fund, KKR Real Estate Partners Europe II (REPE II). In July 2021, KKR announced the final closing of REPE II, a US$2.2 billion fund dedicated to value add and opportunistic real estate investments in Western Europe.