Haven Realty Capital and institutional investors advised by J.P. Morgan Global Alternatives have joined forces to acquire and develop more than $1 billion in new build-to-rent communities throughout the United States.

The partnership is beginning with three communities in the Atlanta area. The initial investment will result in about 250 homes, with expected closings in the next 90 days, Haven said in a press release.

The $415 million equity joint venture will provide long-term capital for Haven to continue to execute its build-to-rent plan working with homebuilders, according to Haven’s statement.

“The for-sale housing market has been significantly hampered by recession fears, inflation and rising interest rates placing a burden on homebuilders and their ability to add to the housing stock,” said Haven Founder and Managing Principal Sudha Reddy. “This partnership will allow us to continue working with U.S. homebuilders, who are becoming increasingly comfortable selling entire communities to operators like Haven to lease to residents who want to live in a home but can’t afford to buy or prefer to rent.”

Haven said it plans to “leverage its existing relationships and create new ones with best-in-class national and regional homebuilders throughout the Sunbelt states” to target communities with 50 to 200 homes ranging from 1,500 to 2,500 square feet. The homes will have primarily three- and four-bedroom and two- and three-bathroom floor plans, including two-car garages.   

Haven currently controls 35 communities across nine states in various phases of construction and stabilization representing approximately 3,500 homes and $1.2 billion in project value.

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This