The building, which was developed as a joint venture between the two companies, comprises 40 one- and two-bedroom duplex homes and lofts in the city’s Jewellery Quarter.
The deal takes the fund’s total acquisitions this year to more than £40m.
Overall, its investment portfolio now exceeds £70m, with more than 300 homes spread across Manchester, Sheffield, Cambridge, Bristol, Birmingham and Bradford.
Since it was established in 2017, the fund has grown to offer a national portfolio, with average occupancy levels of 97%.
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USR’s fund manager Akeel Malik said: “Derwent House was an attractive proposition, as it is a fantastically designed building in a great location in what is one of Birmingham’s most vibrant districts.
“It is an appealing prospect for future renters moving into the building, and we are delighted to have acquired such a great asset.
“We are keen to secure even more new homes, maintaining our approach and investing in sustainable and differentiated homes that offer our residents access to great design, in integrated communities, with space indoors and outdoors.
“I am excited about our next stage of growth, and grateful for the continued support of our investors and advisers.”
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