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 newly formed residential property fund secured a £4.2million loan to fund the purchase of The Residence, at Lurke Street, Bedford.
Comprising 37 1, 2 and 3-bed apartments, The Residence was acquired from GoDevelop.
Pinnacle Investments, an affiliate of the Pinnacle Group, the £100million+ turnover real estate and facilities management 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.
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."
Paul Carmody of Outside the Box Capital Solutions and Anand Jogia of Impera Advisors Ltd advised Pinnacle Investments on the deal.
STB's national real estate team provides lending facilities of £1m-45m to residential and commercial property developers and investors, from SME housebuilders to UK-based funds.