Build-for-Rent (“BFR”) commercial real estate investment firm SVN | SFR Capital Management (“SVN | SFR”) today announced it has entered into a joint venture agreement to acquire, own and operate rental homes with Marketplace Homes, a national brokerage and property management company. The joint venture will operate under the ‘Curbside Residential’ brand and integrate Marketplace Homes’ end-to-end property management, asset management, leasing, maintenance and resident service solutions with SVN | SFR’s national BFR acquisition and SFR/BFR operating platform with new construction builders and SFR/BFR asset management support.
“With the residential rental home sector experiencing unprecedented national investor and consumer demand, we believe now is the time to invest in SFR and BFR portfolios,” said Jeff Cline, CEO of SVN | SFR Capital Management. “Marketplace Homes’ depth in marketing, lease-up, maintenance and importantly, resident care, will deliver unmatched daily operations and instill the sense of community we strive for so rental residents stay happy and enjoy the community they live in longer.”
With increasing home mortgage rates, the national demand for affordable single-family rental housing and BFR communities is at an all-time high across population segments (including millennials, young families with children and baby boomers), all of whom are seeking space, location and professional home management. According to John Burns Real Estate Consulting, national (99 market roll-up) single-family rents are up +6.5% YOY as of July 2022 and new lease rents for the top 20 SFR markets are up +10.1% YOY. As rental home demand increases across the U.S., so does the demand for experienced asset and property management professionals by pension funds and investors who are bullish on large-scale rental housing investments.
“The combined deal flow, large national footprint and local operating capabilities between SVN | SFR and Marketplace Homes creates a JV that is scaling quickly and efficiently,” said William Dickson, president of Marketplace Homes. “There’s a lot of competition in SFR and BFR right now, but this is a partnership that will stand out for its unique acquisition pipeline, professional property management and vertical integration.”
SVN | SFR also recently announced joint ventures with several homebuilders and land developers for the new construction of several thousand homes annually in BFR communities over the next several years. The first purpose-built residential communities are slated to commence development in 2023 in Texas and several other states.
About Marketplace Homes
Marketplace Homes is a national brokerage and property management company. The brokerage sells primarily new construction homes focusing on solving contingency problems. The property management division works with investors of all sizes to acquire, rehab, lease, maintain and sell investment properties in dozens of states. Marketplace Homes leverages its infrastructure, technology, processes and relationships to solve real estate’s hardest problems. Marketplace Homes has also sourced, underwritten and funded over 2,000 multi-family units currently under construction across the US. For more information, visit www.marketplacehomes.com.
About SVN | SFR Capital Management
SVN | SFR Capital Management, (“SVN | SFR”), based in New York, is a private, commercial real estate investment firm dedicated to investment in the Build-for-Rent (“BFR”) asset class across the U.S. SVN International Corp. (“SVNIC”), a globally recognized, Boston-based, full-service CRE advisory firm, is an affiliated entity. Through structured homebuilder joint ventures, SVN | SFR plans to acquire and aggregate approximately 35,000+ new construction, BFR homes in the near-term, through an initial capital raise of several billion in equity and debt capital, for eventual disposition at stabilization as a large-scale institutional rental home portfolio. For more information call 602.466.1381 or email SFRCapitalManagement@svn.com.
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