Former executive team of Monogram REIT makes major reentry into residential
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. markets.
The joint venture will have more than $4 billion of initial gross purchasing power, with the potential to further scale over time. 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 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.
“In many areas of the U.S., there is enormous unmet housing demand. 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. “The MORE Residential team provides important leadership for this new venture through their deep rental housing management experience and extensive network of developer relationships for helping the venture source new acquisitions to grow.”