Local

What Local does

Local: Residential Pty Ltd is an Australian build-to-rent operator founded in 2021 by Matt Berg and Dan McLennan, headquartered in Kensington, Victoria, and backed by Macquarie Asset Management. The company develops, owns, and operates purpose-built rental apartment communities across Victoria, Queensland, and (forthcoming) New South Wales, offering studios through 3-bedroom townhomes with lease terms up to five years, whitegoods included, pet-friendly policies, and shared amenities (gym, pool, co-working, rooftop dining, cinema) bundled into rent. Its portfolio spans eight neighbourhoods including the 477-unit Kensington flagship, the 425-unit Box Hill asset, a 389-unit South Melbourne tower, Smith Collective in Southport, and forthcoming projects in Docklands, Southbank, Domain, and Fitzroy Gasworks (360 homes, 2029).

The technical platform combines all-electric, renewable-powered buildings, a split HVAC system design (per Arup analysis) delivering $190 per apartment annual savings and $10 million in Kensington cost avoidance, a 7.5-star average NatHERS rating, and digital resident infrastructure via the Local Resident App and PropertyTree-integrated portals. The Impact Housing program mandates a minimum 10% of apartments per building for social housing, affordable key worker housing, and Specialist Disability Accommodation, with 399 apartments committed to date and a 500+ target by 2026. The company holds B Corp certification (96.2/200), Climate Active Carbon Neutral status, and achieved the first 6 Star Green Star Design Review for Australian build-to-rent.

Revenue is generated through weekly subscription-style rents (A$680–A$1,215/week at Box Hill) collected directly from individual tenants via self-serve digital leasing, with go-to-market executed through localresidential.com.au, the dedicated leasing portal, and integrations with 2Apply. Total assets under management exceed A$1.1 billion following the A$650 million Turnkey Venture I close in February 2024 with a large global pension fund, and the firm targets 10,000 apartments by 2030.

Name

Local

Legal name

Local: Residential Pty Ltd

Website

https://localresidential.com.au

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Local is an Australian build-to-rent developer and operator, backed by Macquarie Asset Management, delivering purpose-built rental apartment communities across Victoria, Queensland, and New South Wales with long-term leases, shared amenities, and a mandated 10% Impact Housing program.

Ownership category

akta.pro rank

Product category

Build-to-Rent Residential Real Estate

NAICS

Lessors of Residential Buildings and Dwellings (53111), Lessors of Real Estate (5311)

SIC

Operators Of Apartment Buildings (6513), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Vacation & Short-Term Rental Management (BPAJAFAI)

Keywords

• Build-to-rent housing
• Residential rental apartments
• Long-term rental housing
• Affordable rental housing
• Property management services

Headquarters

HQ city

Richmond

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Residential Rent: Monthly rental payments from tenants occupying build-to-rent apartments across multiple properties in Australia

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Local owns, develops, and operates purpose-built residential rental apartment buildings in Australia, leasing studio through three-bedroom units (including townhomes) directly to individual renters on leases of one to five years with all amenities and whitegoods included in the weekly rent. Its portfolio spans properties in Victoria and Queensland with NSW expansion underway, currently covering 2,154 apartments supported by an integrated digital operating layer (Resident App, leasing and resident portals, tour booking). Alongside market-rate rentals, Local commits a minimum of 10% of homes to social, affordable, and specialist disability housing through its Impact Housing program delivered with community housing partners.

Product overview

Local is a build-to-rent (BTR) residential platform operating across Victoria and Queensland, Australia. The core offering is rental apartments across multiple properties (Kensington, Box Hill, South Melbourne, Smith Collective, Docklands, Southbank, Domain, Fitzroy) featuring apartment types from Studio to 3 Bedroom Townhome. The platform integrates shared amenities (gym, pool, coworking, rooftop spaces) included in rent, along with the Impact Housing initiative allocating 10%+ of units to social housing, affordable housing for key workers, and Specialist Disability Accommodation. Residents access services via the Resident App, with furnished options available through a Koala partnership. The company targets 10,000 apartments by 2030, currently managing 2,154 apartments with $2.4Bn funds under management.

Differentiator

Problem solved

Functional benefit

Products and services

• Studio Apartments Self-contained studio apartments offered for long-term rental (1–5 year leases) in Local's purpose-built residential buildings in Victoria and Queensland, with whitegoods, internet, and access to shared amenities included in the weekly rent; targeted at individual renters and key workers.
• One Bedroom Apartments One-bedroom apartments leased long-term directly to individual renters across Local's build-to-rent portfolio in Victoria and Queensland, with all amenities and utilities-in-whitegoods bundled into the weekly rent.
• Two Bedroom Apartments Two-bedroom apartments offered on 1–5 year tenancies to couples, sharers, and small families in Local's purpose-built rental buildings, with shared amenities and whitegoods included.
• Three Bedroom Apartments Three-bedroom apartments leased long-term to families in Local's build-to-rent buildings in Victoria and Queensland, providing more space within an institutionally managed, climate-certified residential community.
• Three Bedroom Townhomes Larger three-bedroom townhome-format rentals within Local's build-to-rent communities, targeted at families and downsizers seeking a house-like configuration with the amenities and tenure certainty of an apartment building.
• Impact Housing Program A dedicated social and affordable housing program allocating a minimum of 10% of Local's homes to social, affordable, and specialist disability accommodation, delivered in partnership with community housing providers and government, including tailored housing for women over 55 at risk of homelessness and young people with disability.

Quantifiable outcome

• Up to $2,730.40 saved annually on fitness memberships (gym, pool, yoga classes combined)
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• KoalaminorStrategic or Co-development PartnerPartnership with B Corp furniture company Koala to furnish over 100 apartments at Local: Kensington. Koala provides beds, bedside tables, coffee tables, couches, dining tables, chairs, and entertainment units. Every other Kensington tenant gets exclusive deals on Koala products.
• Women's Property InitiativescoreStrategic or Co-development PartnerIndustry-leading partnership with Women's Property Initiatives (WPI), a not-for-profit community housing provider. First phase delivers 33 apartments at Kensington for women and children experiencing insecure housing and women over 55 at risk of homelessness.
• Storey ResidentialcoreStrategic or Co-development PartnerImpact Housing partner for affordable housing for key workers. Provides housing options for essential workers including nurses, hospitality employees, and teachers.
• Enliven HousingcoreStrategic or Co-development PartnerImpact Housing partner for Specialist Disability Accommodation (SDA) for young people with disability who may otherwise be placed in aged care.
• Hacer GroupcoreImplementation/ SI/ Consulting PartnerConstruction firm appointed to deliver the $315m Kensington flagship project. Partnering with Local as an innovative brand in Build-to-Rent space.
• Blue Earth GroupcoreStrategic or Co-development PartnerDevelopment partner for 245 Normanby Road South Melbourne turnkey deal. Blue Earth Group works alongside Hamilton Marino to deliver the BTR project on behalf of Local.
• Hamilton MarinocoreImplementation/ SI/ Consulting PartnerConstruction builder partnered with Blue Earth Group to deliver the South Melbourne BTR project. Has longstanding track record of delivering quality apartment projects in Melbourne for nearly 30 years.
• CHT ArchitectscoreStrategic or Co-development PartnerDesign firm for South Melbourne project at 245 Normanby Road. Design refined to suit Local's target audience and align with social impact, lifestyle, and sustainability values.
• MONNOminorStrategic or Co-development PartnerPartnership with MONNO for Docklands development. Delivering new standard of renting with all-electric, renewable-powered project designed for efficient living.
• HayballcoreStrategic or Co-development PartnerArchitectural firm that designed the $315m Kensington flagship project at 346-350 Macaulay Road with six buildings designed around a central landscaped square.
• Global LivingminorChannel Partner/ Reseller/ DistributorFurniture partner providing furnished apartment options for residents. Exclusive offers available for Local: Box Hill residents on furniture packages.
• Fitzroy GasworkscoreStrategic or Co-development PartnerLocal: Residential appointed to deliver the final Fitzroy Gasworks parcel with 360 homes planned. Strategic acquisition for expansion of build-to-rent portfolio.

Scale indicators17 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Dexus: Dexus is an Australian real estate investment manager with a growing residential / BTR platform alongside its core office and logistics portfolios. Comparable to Local as an institutional Australian real estate platform exploring BTR, with similar LP relationships.
• Scape Australia: Scape is a leading Australian purpose-built student accommodation (PBSA) operator also founded/executed by the Local co-founders (Berg and McLennan). Comparable as a specialist institutional-grade rental housing operator with similar resident app and amenity-led model.
• Sentinel Real Estate: Sentinel Real Estate is a US-based build-to-rent operator and asset manager with expanding international activity. Comparable to Local on operating model, technology-enabled resident experience, and institutional capital partnerships.

Direct peers

• Mirvac: Mirvac is one of Australia's largest residential developers and a leading build-to-rent operator with projects across Sydney, Melbourne, Brisbane, and Perth. Directly comparable to Local as a vertically integrated Australian BTR platform serving similar renter segments with institutional capital backing.
• Stockland: Stockland is a major Australian diversified property developer with an active build-to-rent pipeline focused on Sydney and Melbourne. Comparable to Local in customer base (Australian residential renters), institutional capital model, and ESG positioning (Stockland also targets high sustainability ratings).
• Lendlease: Lendlease is a global real estate and investment group operating an Australian build-to-rent platform alongside residential development funds. Comparable to Local in asset class, target customer (residential renters), and institutional capital partnership structure.
• Greystar Real Estate Partners: Greystar is the world's largest build-to-rent operator, with recent expansion into the Australian market (including Melbourne). Directly comparable to Local on operating model, customer base, technology stack, and global institutional capital partnerships.
• Cbus Property: Cbus Property is the property investment arm of Cbus super fund and an active Australian build-to-rent developer. Comparable to Local on institutional capital model (industry super fund LP), ESG focus, and Melbourne apartment product.
• Home (formerly Home Corp): Home is an Australian build-to-rent operator developing large-scale BTR communities in Melbourne and other eastern seaboard cities. Directly comparable to Local on customer base, amenity-led positioning, and pipeline-driven growth thesis.

Others

• Grocon: Grocon is a major Australian property developer where Local's co-CEOs previously worked. While not a BTR operator, Grocon is comparable as a development counterparty and a benchmark for the same institutional-grade projects (ANZ Tower, Queen Victoria Markets) cited in the founders' track record.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/localresidential

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Local