Winvic is understood to be lined up as the contractor for the job, which also includes ground floor retail and around 60 car parking spaces.
The project, which incorporates Grade II-listed buildings, has been designed by Birmingham-based practice Associated Architects. The building services engineer is Jonathan Richards Associates.
The site is split into two new build plots, one Wright House and the other Elkington House.
Legal & General agreed the funding with Spitfire, making Birmingham its sixth UK city where its is funding build to rent.
This latest investment brings L&G’s total pipeline of BTR units to over 1,700.
Located centrally between the established Central Business District and the retail/leisure hub of the Jewellery Quarter, the site sits within five minutes’ walk of the new Paradise development, a mixed-use development that will deliver 1.8m sq ft of new office, retail and leisure space, generating 12,000 new jobs.
L&G other BTR investments in Leeds, Bristol, Bath and Walthamstow are progressing well and its scheme in Salford became home to residents in June.
L&G plans to invest in building over 70,000 new homes over the next five to ten years.
Dan Batterton, BTR Fund Manager at LGIM Real Assets, said: “Given the huge infrastructure investment in Birmingham, it has been a target location for us in building a high-quality and well diversified portfolio of BTR schemes. We expect to continue adding schemes and new locations over the coming months.”