In Coggeshall, Vistry Group will deliver 36 homes, the first of which will be available at the start of 2024 for the north Essex town.

The second scheme in Elsenham, north-west Essex, will be developed by Dandara and will deliver 27 homes with the first units to be completed in summer 2024.

Picture Living currently has an AUM of £350m and has amassed a portfolio of around 1,725 single-family homes and apartments to date, including just over 160 currently under development.

The company recently took full ownership of 106 single-family homes across three schemes in Market Harborough, Warwick and Derby, all delivered by Avant Homes.

Development continues at Heyford Park in Bicester, which comprises 100 homes with the first expected to be available to residents in early 2024.

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Part of Picture Living’s strategy for expansion over the next year, alongside its acquisition strategy, is through the sale of two portfolios — Spark and Seville — which has enabled the recycling of capital to target new properties.

The firm has also made new appointments, including Jamie Younger as fund manager and James Nicholls as investment manager.

James commented: “We are delighted to have exchanged on our next deal with Vistry Group and partnered for the first time with Dandara, and we look forward to working closely with both companies as we deliver each respective scheme.”

Jamie added: “We are continuing our ambitious regional PRS pipeline on behalf of our institutional capital partners, with Picture Living closing in on 2,000 homes.

“We will continue to invest in high-quality homes for rent working alongside house builders and developers to help alleviate the chronic housing shortage in the UK.”