A new inner-city Ockham Residential development on the Newton Gully Ridge in Auckland has opened – but none of the apartments in it are for sale.

The seven-storey red brick block is made up of 32 New York-styled loft apartments, which all have access to a rooftop residents’ lounge with a wrap-around balcony and sweeping views of the city.

Sitting on Chapman Street, just down the road from the Ponsonby and K Rd intersection, The Nix is Ockham’s 14th development.

But the apartments, which are a mix of one bedroom, one bedroom plus study, and one bedroom plus flexi-room, have all been sold to an Auckland-based build-to-rent specialist, Resident Properties, for $23.5 million.

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Ockham co-founder Mark Todd said the building represented the company’s mission to reimagine urban communities, and it had changed the whole narrative of the area.

Despite its location, the block it was on had not been considered desirable, but the building had made the area softer, more human, and residential, he said.

“We think our buildings stack up on aesthetic merit and value, but what’s less discussed is what they achieve from a city building, urban fabric point of view.

“We get a huge amount of pleasure in reimagining things and imagining things other people don’t to reshape our city. We’re here to contribute the best we can to city building in Tāmaki Makaurau.”

The building was the second build-to-rent block developed by Ockham. Its first was Modal, a carless, 32-unit rental apartment building on the corner of Asquith Ave and New North Road in Mt Albert.

Resident Properties director Greg Reidy said the industrial style of The Nix made its pocket of Auckland a better place, and would allow for the development of a great community of residents.

It was the company’s second build-to-rent development, after The Ed in Mt Eden which was completed last August. The Ed’s 36 one, two and three-bedroom apartments were fully leased.

Resident Properties was also working on a large build-to-rent project in Eden Terrace which would be made up of 127 one and two-bedroom apartments, a resident lounge, café, community garden, a rooftop BBQ area and car parks.

The build-to-rent model, which involved the development of multi-unit residential buildings for long-term rentals rather than sales to individual owners, had been touted as a part of the solution to the housing crisis.

It was a major part of the rental market and a sought-after investment asset class in Europe and the United States, and was taking off in Australia.

But progress had been slow in New Zealand, despite an increasing number of build-to-rent developments completed, or under way.

Reidy said the build-to-rent model would continue to gain momentum due to the attractive benefits it had for tenants and investors.

“Build-to-rent doesn’t replace mum and dad investor landlords, it adds a new dimension to the property market which will result in a more sophisticated rental sector.”

Apartments in The Ed would be available for renting from June 21.