The Pan African Housing Fund (PAHF), managed by Phatisa, has entered into an agreement with Tamarind Properties to develop 140 single-family homes in a residential development in Nakuru Town, Kenya.

The development, known as Nakuru Meadows, is on a 10-acre piece of land, overlooking Lions Hills, Sirikwa caves, and the busy Nairobi-Nakuru Highway near Nakuru’s Free Area trading centre.

Nakuru Town is located north-west of Nairobi and is the fourth largest urban center in Kenya.

It faces rapid population growth, estimated at two million residents, with a supply gap of 8,000 housing units each year.

Nakuru Meadows will help meet this demand.

Joe Mungai, Tamarind Properties’ Managing Director, said that construction of the units will be done in two phases: “Phase one will comprise 104 units, and phase two 36 units. The estimated completion time is 24 months.”

PAHF is a private equity fund that provides risk capital to the fast-growing and lucrative middle and affordable housing sector in East and Central Africa.

The deal represents the Fund’s fourth and largest investment in Kenya, affirming its commitment to providing equity finance to experienced and reputable property developers to enable the increase in the supply of affordable middle class housing in East Africa, Zambia and Mozambique.

Okomboli Ong’ong’a, Phatisa’s Partner for Eastern Africa, PAHF, said that Nakuru Meadows will be a game-changing development in Nakuru Town’s housing sector.

“We are very optimistic that this co-investment with Tamarind Properties will have a significant impact on Nakuru reducing the housing shortage, and creating over 200 jobs during the construction period and close to 100 jobs after completion,” he said.