The scheme will be made up of 23 two-bed, 39 three-bed and 4 four-bed houses and is being built by Vistry Partnerships. The deal was advised by Gatehouse Bank which is also a co-investor.
Colliers International acted as property advisers and Dentons as legal advisors on the transaction.
The scheme, on Raleigh Street, will form part of the second build to rent fund advised by Gatehouse Bank which, since its establishment in December 2015, has spent around £90m on the construction of 684 single family houses across the UK.
Following the completion of Raleigh Street, the fund will comprise of a 750 unit single family housing private rented sector portfolio. The portfolio is being professionally managed through a build to rent platform, Ascend Properties.
Work on the Raleigh Street site in the Birchills area of Walsall began in September last year and is expected to be finished by the summer of 2022.
Paul Stockwell, chief commercial officer at Gatehouse Bank, said: “Gatehouse has a proven track record of delivering much-needed homes around the UK by successfully investing in and managing build to rent schemes.
“This is another example of our intention to fund developments in the single-family housing sector, providing attractive, affordable and professionally managed homes.
“The Raleigh Street site has remained dormant for eight years so this is a fantastic regeneration opportunity that will provide a significant number of family homes.”