A Plano real estate investor works with a California real estate finance firm to buy more than $ 4 billion worth of single-family homes nationwide.
San Francisco-based Planos More Residential and Stockbridge Capital Group plan to purchase single-family residential communities in fast-growing US markets – including the Texas metro.
The partners plan to acquire rental apartments of 50 or more homes and are already in the process of purchasing those properties valued at $ 1 billion.
“This type of apartment fits the preferences of the two largest demographic cohorts in the US: Millennials and Baby Boomers,” said Mark Alfieri, CEO of More Residential, in a statement. “We offer Millennials larger living spaces for growing families and Baby Boomers the stress-free lifestyle of renting, combined with modern amenities and professional management and maintenance teams, all at an affordable price compared to owning a home.”
More Residential already owns and operates a variety of rental properties, including both homes and apartments, in markets that stretch from Florida to Texas to the west coast. The company was founded by former employees of the real estate investment trust Monogram Residential Trust.
Stockbridge Capital is a real estate investment manager with approximately $ 25 billion under management.
“There is tremendous unmet demand for housing in many areas of the US,” said Terry Fancher, Executive Managing Director of Stockbridge, in a statement. “We have created a platform based on offering accessible living space for those who are looking for a high-quality home in desirable communal environments.”
With many potential homebuyers advertised without property prices, rental homes are the fastest growing segment of the nationwide housing market.
Dozens of companies – including some of the largest traditional home builders in the country – are busy developing single-family homes in North Texas.
D-FW house builders opened almost 3,000 rental apartments in the 12 months up to September. In most cases, the builders plan to sell the finished rental communities to investors.