The global real estate investment companies have completed the deal as a joint venture.

Called Allegro, the BTR scheme is located within the city’s One Exchange Square.

This comprises 603 units across three buildings connected by a large central garden podium and includes ground-floor retail and leisure spaces.

In addition, Allegro has a gym, co-working areas, roof terrace and 150 car parking spaces.

Announcing the deal, QuadReal and Realstar highlighted that Birmingham’s population is set to grow by around 3.9% between 2018 and 2028.

•   Precede Capital and QuadReal Property Group provide £105m financing for modular BTR development
•   Précis Capital Partners agrees £1bn partnership with QuadReal

“The purchase of Allegro reflects our living high-conviction investment strategy as we seek to acquire quality assets in prime locations like Birmingham with strong fundamentals,” said Jay Kwan, managing director and head of Europe and international real estate at QuadReal.

“The living sector remains a key priority for us globally and a target area for growth, and this transaction complements other BTR investments we have made across Europe over the past few years.”

Ryan Prince, vice chairman at Realstar, added: “Allegro will make an excellent addition to our UK portfolio. We have plans to invest further in the asset to bring it up to our UNCLE brand standards and incorporate it into our wider portfolio of over 5,000 UNCLE-branded and individually operated rental apartments across London, Manchester and Leeds.”