LaSalle Investment Management has agreed to acquire 497 build to rent apartments in Manchester, for around £110 million from Renaker Build.

The development, known as Greengate, is located in heart of Salford close to Manchester city centre and is designed by OMI Architects. It comprises high specification apartments split across two residential towers of 21 and 31 storeys.

The homes range in size from one to three bedrooms with most offering either a balcony or terrace and are set in a landscaped communal courtyard. The development provides a high standard of amenities including a resident's lounge, gym and concierge service.

Tom Henry, Residential Transactions Director, LaSalle Investment Management, said: "There is a systemic undersupply of homes in and around Manchester city centre, as the development pipeline was effectively turned off in 2007. With very few new build completions since then, there is now a dearth of high quality rental apartments with population forecasts predicting an influx of people that equates to an additional requirement of up to 3,000 homes per year. Accordingly, we anticipate strong demand for the apartments."

Greengate is within two minutes' walk of Deansgate, Harvey Nichols and Selfridges. Manchester Victoria Station, which is currently undergoing a major transformation, is a five minute walk away via a bridge over the River Irwell.

The first phase, which consists of 229 apartments, is now complete and available for private rent through property agents JLL. The second block of 268 units will follow in December 2016.