PLANO, Texas, Dec. 15, 2021 /PRNewswire/ -- 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.
Along 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.
Sun Belt.
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. MORE Residential will
oversee day-to-day operations of the venture, applying its
significant experience acquiring and professionally managing
amenity-rich residential communities.
Stockbridge is a real estate
investment manager with approximately $25
billion of assets under management. Stockbridge will contribute to overall
investment strategy execution, leveraging its expertise creating
scalable investment platforms for institutional
investors.
"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. "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."
"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."
About MORE
MORE Residential is led by the senior management team behind the
former New York Stock Exchange REIT, Monogram Residential (NYSE:
MORE). The company focuses on residential properties spanning
single-family rental communities to traditional multifamily
properties across U.S. markets. MORE pursues investments from
single properties to large-scale portfolio transactions utilizing
various acquisition strategies. For more information, visit
https://www.moreresidential.com.
About Stockbridge
Stockbridge is a real estate
investment management firm led by seasoned professionals averaging
25+ years of real estate industry experience. The firm manages real
estate equity investments across the risk spectrum within a variety
of investment structures on behalf of U.S. and foreign
institutional investors. Stockbridge has $24.9
billion of assets under management (as of September 30, 2021) across multiple business
lines spanning all major real estate property types, and
several niche property types, throughout the United States. The firm has offices in
San Francisco, Atlanta and Chicago. https://stockbridge.com/
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SOURCE Stockbridge