London-focused Galliard Homes Ltd. and regional U.K. residential property developer Apsley House Capital PLC formed the Galliard Apsley Partnership to develop £500 million worth of residential projects in Birmingham, U.K., propertyfundsworld reported.

The venture has launched 1.5-acre The Timber Yard scheme on Pershore Street in the city's Southside district. The project is the first in the venture's lineup, which will also include four other developments totaling 2,800 apartments, according to the report.

The Timber Yard will comprise 379 apartments across two buildings, rising seven and 13 stories, respectively. The Birmingham City Council's planning committee has already approved the project, completion of which is expected in 2021, Apsley House said in a release.

Also planned by the joint venture is the more than 500-unit Camden Yard residential project on a four-acre Jewellery Quarter site that was recently acquired from British Airways Pension Fund for an undisclosed price, according to a separate release.

Another development planned by the partners in the Jewellery Quarter is the 20-building St Paul's Quarter, a £125 million mixed-use scheme set to feature over 320 new apartments and about 100,000 square feet of commercial space.