The planned £1.7bn development pipeline will cover core cities, with initial sites identified in Birmingham, Brighton & Hove and London.

Homes will be built to the latest design specifications, with high levels of on-site amenities and service provision for residents.

Tony Brooks, Managing Director at Moda Living, said: “With the backing of Apache Capital and KKR we will deliver the next generation of build-to-rent neighbourhoods that will set new standards for style and service while meeting the growing demand for high quality rental housing that is responsive to modern lifestyles”.

The joint venture between Apache Capital and KKR follows the success of Apache Capital and Moda’s second operational multifamily BTR scheme, Moda, The Lexington, in Liverpool, where 60% of apartments are already leased two months after launch.

Moda’s flagship scheme, Moda, Angel Gardens, in Manchester, is fully stabilised, having set new sector benchmarks for rents achieved.

Rosa Brand, Director at KKR, said: “We are excited to work alongside Apache Capital, and Moda Living, both highly experienced strategic partners with excellent track records, over the long-term, to deliver a best in class portfolio in the build-to-rent residential sector, which remains a thematic priority for KKR.”

John Dunkerley, CEO and co-founder of Apache Capital added: “Our strategic partnership with KKR demonstrates the growing maturity of the UK build-to-rent sector, which continues to attract global institutional capital thanks to its favourable demand-supply dynamics and defensive, counter-cyclical characteristics.

“This collaboration is consistent with our strategy of creating a premium product marked by high levels of service and amenity provision and we look forward to seeing the projects completed.”