What Storey Residential does

Storey Residential Ltd is an Australian not-for-profit registered charity, founded in 2024 and headquartered in Richmond, Victoria, that delivers affordable rental housing to low-to-moderate-income earners and key workers such as nurses, teachers, and other essential service providers. The company operates an asset-light model in which it partners with Local: Residential Pty Ltd — the Build to Rent developer and owner of the physical apartment buildings — while Storey itself manages affordable-housing eligibility, tenant allocation, and tenancy relationships. Storey sets rents at a capped 74.9% of market rate and offers leases of up to five years across pet-friendly, energy-efficient buildings with shared amenities (gym, pool, co-working spaces, gardens) and onsite resident/maintenance teams. The company currently operates three Melbourne projects under the 'Local:' brand: Local: Kensington (348 Macaulay Road, fully leased), Local: Box Hill (11 Cambridge Street, fully leased), and Local: South Melbourne (245 Normanby Road, 16 apartments, ready spring 2026).

The core product surface is the multi-bedroom apartment portfolio delivered through these partnerships, supported by a Resident App and Portal that handles rent payments (direct debit or credit card), maintenance requests, amenity bookings, and community communications. Revenue is generated primarily from recurring monthly rental income at the 74.9% market-rent cap, supplemented by ancillary services such as optional furniture rental through partners Koala and Global Living, apartment cleaning, and car parking leases. Pricing is transparent and publicly disclosed: studio apartments at Kensington rent from A$387–A$408/week; 1-bedroom from A$436–A$487/week; 2-bedroom from A$477–A$579/week; and 3-bedroom from A$750–A$775/week, with a A$1,000 bond plus two weeks' rent in advance required at move-in and annual CPI-linked reviews (capped at 74.9% of market). Go-to-market is sales-led and event-driven: prospective tenants complete an online eligibility checker, attend information sessions or open days/virtual tours, and submit a formal application.

Storey's go-to-market targets a tightly defined Australian affordable-housing segment — households earning low to moderate incomes that do not qualify for social housing but cannot afford market rents — drawn from a market where over 640,000 low-income households are in housing stress and forecast demand for affordable housing is projected at 940,000 units by 2041. The company is governed by an experienced 8-person Board of Directors with backgrounds across BTR development, social/affordable housing, law, town planning, and ESG, and operates with a lean team of 6 employees. No venture capital, private equity, or external institutional investment is disclosed; as a registered charity, surplus is reinvested into expanding affordable-housing operations rather than distributed.

Name

Storey Residential

Legal name

Storey Residential Ltd

Website

https://storeyresidential.com.au

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Storey Residential Ltd is an Australian not-for-profit charity delivering affordable rental housing at 74.9% of market rent to low-to-moderate-income earners and key workers in Melbourne, partnering with Build to Rent developer Local: Residential.

Ownership category

akta.pro rank

Product category

Affordable Rental Housing

NAICS

Rental and Leasing Services (532), Lessors of Residential Buildings and Dwellings (53111)

SIC

Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Affordable Housing Property Management (BPAJAGAJ)

akta.pro secondary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

Keywords

• Affordable rental housing
• Build to rent
• Not-for-profit housing
• Rental property management
• Key worker housing

Headquarters

HQ city

Richmond

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Rental Income: Storey collects rent from tenants at approximately 74.9% of market rent. As a not-for-profit registered charity, revenue is reinvested into expanding affordable housing operations. Tenants pay monthly rent via direct debit or credit card through the Resident Portal.
2. Ancillary Services: Optional additional services such as apartment cleaning, furniture rental through partners (Koala/Global Living), and car parking lease options available for additional weekly fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Storey Residential leases apartments in Build to Rent developments from its partner Local: Residential Pty Ltd and sub-lets them to eligible low-to-moderate income Australian households at 74.9% of market rent, with leases of up to five years. Its current portfolio comprises three Melbourne projects — Local: Kensington (348 Macaulay Road), Local: Box Hill (11 Cambridge Street), and Local: South Melbourne (245 Normanby Road) — offering studio through three-bedroom configurations with shared amenities and optional ancillary services such as furniture rental and cleaning.

Product overview

Storey Residential is a not-for-profit affordable rental housing provider that partners with Local: Residential Pty Ltd to operate Build-to-Rent housing developments. The company offers affordable apartments across Australia, with three current projects under the 'Local:' brand: Local: Kensington (348 Macaulay Road), Local: Box Hill (11 Cambridge Street), and Local: South Melbourne (245 Normanby Rd). Apartments are available in Studio, 1-bedroom, 2-bedroom, and 3-bedroom configurations with leases up to 5 years. Shared amenities vary by location and are included in rent.

Differentiator

Problem solved

Functional benefit

Products and services

• Local: Kensington Affordable rental housing development at 348 Macaulay Road, Kensington offering Studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments with shared amenities, targeted at eligible low-to-moderate income earners. The project is currently fully leased.
• Local: Box Hill Affordable rental housing development at 11 Cambridge Street, Box Hill featuring 1-bedroom, 2-bedroom, and 3-bedroom pet-friendly apartments with shared amenities including gym, pool, co-working spaces, and dog park, targeted at eligible low-to-moderate income earners. The project is currently fully leased.
• Local: South Melbourne Affordable rental housing development at 245 Normanby Road, South Melbourne offering 16 apartments for affordable housing, with leases up to 5 years for eligible low-to-moderate income earners. Move-in is targeted for spring 2026.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Local: Residential Pty LtdcoreStrategic or Co-development PartnerStorey partners with Local: Residential as the owner and manager of Build to Rent developments. Local: Residential builds and owns the properties while Storey manages affordable housing allocation, eligibility, and tenancy. Storey pays rent to Local and manages tenant relationships for affordable housing placements. This is a core strategic partnership enabling Storey's charitable mission to deliver affordable housing at scale.
• KoalaminorOthersFurniture partner offering exclusive deals for Local: Kensington residents. Optional furnished apartments available with Koala furniture for an additional weekly fee.
• Global LivingminorOthersFurniture partner mentioned for Box Hill location, offering furnished apartments with Global Living furniture for an additional weekly fee.
• Man with a VanminorOthersRemovalist partner providing exclusive offers for Local: Kensington residents moving into their apartments.

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Mission Australia Housing: Provides affordable rental housing to low-income Australians including key workers, with eligibility and tenant-management processes similar to Storey's. Comparable customer segment and charitable mission.
• Summer Housing: Specialist disability and affordable housing provider; Storey's chair and a director both previously ran/led Summer Housing. Overlapping mission, scale-up trajectory and tenant-allocation model.
• Habitat for Humanity Australia: Affordable housing charity operating across Australia; Storey's chair previously led its Australian programs. Overlapping affordable-housing mission, target population and charity structure.
• Local: Residential: Local: Residential is Storey's core BTR development partner — it builds, owns and operates the apartment buildings (Kensington, Box Hill, South Melbourne) that Storey then allocates at sub-market rent. Most directly comparable in product, location and shared management/governance.
• Housing Choices Australia: National community housing provider offering affordable and social rental housing, including key-worker programs. Comparable affordable-housing mission and eligibility-based tenant allocation model.
• BlueCHP: BlueCHP is a large Australian community housing provider delivering affordable rental housing to key workers and low-income households — overlapping target segments and mission with Storey, though at much larger scale and via owned/developed stock.

Broad incumbents

• Mirvac: ASX-listed major Australian residential developer with an emerging Build-to-Rent portfolio. Competes for BTR development pipeline and tenant mindshare in the same Melbourne catchments as Storey, but is for-profit and at vastly larger scale.
• Grocon: Major Australian BTR developer (Queen Victoria Markets BtR) — Storey directors include former Grocon senior leadership. Comparable Melbourne BTR pipeline and tenant overlap; competing for the same build-to-rent apartment stock.

Emerging players

• Scape Australia: Large Australian purpose-built student accommodation provider using a BTR-style operating model. Comparable long-lease, amenity-rich rental product in Australia, though focused on students rather than key workers.
• Nightingale Housing: Australian non-profit developer of affordable, sustainable, community-oriented apartment housing in Melbourne. Comparable sustainability, affordability and resident-community focus, though structured around ownership rather than rental.

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/storey-residential

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Storey Residential