Apache Capital Partners has invested 拢24.9m (鈧�29.3m) in a UK student-housing scheme.
The Middle-Eastern-backed investment manager said it bought the 198-bed asset in Southampton in an off-market deal.
The scheme, which has planning consent, was bought in a joint venture with Investra Development.
The joint venture is Apache鈥檚 second with Investra.
The development will include studios and two and three-bed cluster flats over 12 storeys.
Completion is expected in time for the 2018-19 academic year.
The site, close to Solent University, is in the city centre of Southampton, home to 31,000 students.
Richard Jackson, co-founder and managing director at Apache Capital Partners, said: 鈥淭his acquisition is in line with Apache Capital鈥檚 long-term investment strategies, which deliver sustainable returns to investors and landmark assets offering very high-quality amenities, facilities and services for our customers who live there.鈥�
Apache has developed and invested in 1,774 student accommodation beds across five UK assets in Cambridge, Ipswich and London worth around 拢256m.
