Property firm LaSalle Investment Management has completed the first two direct investments for its UK Private Residential Fund.

The assets in Leeds and London comprise 270 purpose-built residential units and were acquired in separate transactions for £55m.

Within the next year, LaSalle expects to invest over £500m in the residential Build-to-Rent market, on behalf of institutional investors.

Waterside Apartments in Leeds was acquired from CVI Leeds Waterside Sàrl for £25m in an off-market transaction, representing a gross initial yield of 6.7%. Completed in 2008, the purpose-built freehold residential block has two separate cores of 13 and 18 storeys with 183 one- and two-bedroom apartments and 72 parking spaces. It is located half a mile to the west of the city centre within walking distance of Leeds railway station.

LaSalle has also acquired 87 units within Phase Three of the Rathbone Market redevelopment in East London from English Cities Fund through a forward commitment of £30m.