NEW YORK and AGOURA HILLS, Calif., May 14, 2020 /PRNewswire/ -- J.P. Morgan
Asset Management has closed on its first joint venture project
with American Homes 4 Rent (NYSE: AMH), a leader in the
single-family home rental industry. The project, which officially
closed at the end of April, will feature 34 single-family homes in
the Sovana and Spring Valley areas
of Las Vegas, Nevada, comprising
12 three-bedroom homes and 22 four-bedroom homes. The first home
deliveries are expected this June and completion is anticipated by
October 2020.
J.P. Morgan Asset Management, on behalf of institutional
investors, and American Homes 4 Rent are seeking to deploy
$625 million of equity and develop
approximately 2,500 purpose built single-family rental homes across
multiple high-growth markets in the West and Southeast. As of
March 31, 2020, American Homes 4 Rent
owned 52,776 single-family properties in selected submarkets in 22
states. J.P. Morgan owns a similar number of multifamily units on
behalf of institutional investors throughout the United States.
"This partnership provides us with the opportunity to capitalize
on an increasing trend amongst city dwellers to seek additional
space and the appeal of high-quality suburban living in a newly
constructed community," said Mike
Kelly, Head of Real Estate Americas at J.P. Morgan Asset
Management.
"We see this shift as particularly prevalent among the
millennial generation, the largest U.S. age cohort, who are looking
to transition away from apartment living. The move towards more
spread-out living is also expected to accelerate in the wake of the
COVID-19 pandemic, and we anticipate strong occupancy and rental
growth rates across properties," continued Kelly.
"We are proud to be partnering with J.P. Morgan Asset Management
and value the institutional endorsement of our industry-leading
built-for-rental development program," said Christopher Lau, Chief Financial Officer at
American Homes 4 Rent. "Coupled with our innovative mobile
technology platform that enables prospective residents to tour
homes without an agent and manage their rental experience online,
we believe that our built-for-rental development program has the
potential to revolutionize the single-family rental industry. This
really is a case of the right strategy, at the right time, with the
right partner."
By year-end 2020, the venture has plans to deliver additional
high-quality, single-family rental projects in American Homes 4
Rent's existing markets in the West and Southeast.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm
of J.P. Morgan Asset Management. With 50 years as an alternatives
investment manager, $145 billion in
assets under management and nearly 700 professionals (as of
December 31, 2019), we offer
strategies across the alternative investment spectrum including
real estate, private equity and credit, infrastructure,
transportation, liquid alternatives, and hedge funds. Operating
from 17 offices throughout the Americas, Europe and Asia
Pacific, our 15 independent alternative investment engines
combine specialist knowledge and singular focus with the global
reach, vast resources and powerful infrastructure of J.P. Morgan to
help meet each client's specific objectives. For more information:
www.jpmorganassetmanagement.com.
About J.P. Morgan Asset Management
J.P. Morgan Asset
Management, with assets under management of USD 1.9 trillion (as of 31
March 2020), is a global leader in investment management.
J.P. Morgan Asset Management's clients include institutions, retail
investors and high net worth individuals in every major market
throughout the world. J.P. Morgan Asset Management offers global
investment management in equities, fixed income, real estate, hedge
funds, private equity and liquidity. JPMorgan Chase & Co.
(NYSE: JPM) is a leading global financial services firm with assets
of USD 3.1 trillion and
operations worldwide. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
About American Homes 4 Rent
American Homes 4 Rent
(NYSE: AMH) is a leader in the single-family home rental industry
and "American Homes 4 Rent" is fast becoming a nationally
recognized brand for rental homes, known for high-quality, good
value and tenant satisfaction. We are an internally managed
Maryland real estate investment
trust, or REIT, focused on acquiring, developing, renovating,
leasing, and operating attractive, single-family homes as rental
properties. As of March 31, 2020, we
owned 52,776 single-family properties in selected submarkets in 22
states. Additional information about American Homes 4 Rent is
available on our website at www.americanhomes4rent.com.
American Homes 4 Rent – Forward-Looking Statements
This press release contains "forward-looking statements" that
relate to beliefs, expectations or intentions and similar
statements concerning matters that are not of historical fact and
are generally accompanied by words such as "believe," "expect,"
"will," "intend," "anticipate" or other words that convey the
uncertainty of future events or outcomes. These forward-looking
statements include the payment and anticipated timing of the
payment of distributions of the Company's common and preferred
shares. The Company has based these forward-looking statements on
its current expectations and assumptions about future events. While
the Company's management considers these expectations to be
reasonable, they are inherently subject to risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond the Company's control and could adversely affect
our cash flows and ability to pay distributions. Additional
information about these and other important factors that may cause
our actual results to differ materially from anticipated results
expressed or implied by these forward-looking statements is
available in the Company's most recent Annual Report on
Form 10-K, subsequent Quarterly Reports on Form 10-Q and
other reports filed with the Securities and Exchange Commission.
The Company undertakes no obligation to update any forward-looking
statement to conform to actual results or changes in expectations,
except as required by applicable law.
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SOURCE J.P. Morgan Asset Management