“The MORE Residential team provides important leadership for this new venture We’ve created a platform premised on offering attainable housing for those seeking high-quality homes in desirable community settings,” said Terry Fancher, Stockbridge Executive Managing Director. “In many areas of the U.S., there is enormous unmet housing demand. Revo apartments anaheim professional#“We’re offering Millennials larger living spaces to accommodate growing families, and Baby Boomers the hassle-free lifestyle of renting, packaged together with modern amenities, and professional management and maintenance teams, all at an accessible price relative to home ownership.” “This housing type caters to the preferences of the U.S.’s two largest demographic cohorts: Millennials and Baby Boomers,” said Mark Alfieri, MORE Residential Chief Executive Officer. Stockbridge will contribute to overall investment strategy execution, leveraging its expertise creating scalable investment platforms for institutional investors. Stockbridge is a real estate investment manager with approximately $25 billion of assets under management. MORE Residential will oversee day-to-day operations of the venture, applying its significant experience acquiring and professionally managing amenity-rich residential communities. MORE Residential is led by former senior executives of Monogram Residential Trust, a NYSE-listed multifamily REIT taken private by an institutional investor group in 2017. The joint venture will seek to acquire build-to-rent communities consisting of 50 or more homes with modern finishes and high-quality amenities (such as clubhouses, fitness centers and pools) in locations characterized by strong population and job growth.Īlong with its formation, the joint venture has recently either acquired, or is in the process of acquiring, more than $1 billion of such communities, which are at various stages of development and completion throughout the U.S. It targets newly built single-family rental communities that are purpose-built as rentals (or “build-to-rent” communities), including those that have been recently constructed, are currently under development, or are planned for development. The joint venture will have more than $4 billion of initial gross purchasing power, with the potential to further scale over time. MORE Residential, a Texas-based owner and operator of residential rental properties, announced today that it has formed a programmatic joint venture with San Francisco-based investment firm Stockbridge Capital Group to acquire single-family rental communities in high-growth U.S.
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