MORE Residential and Stockbridge Announce $4 Billion Single-Family Rental Joint Venture
MORE Residential has established a joint venture with Stockbridge Capital Group, aimed at acquiring single-family rental communities in high-growth U.S. markets. The venture holds an initial gross purchasing power exceeding $4 billion, targeting newly constructed build-to-rent communities with a focus on quality amenities. Currently, they are acquiring over $1 billion in such properties across the U.S. Sun Belt. The partnership leverages the expertise of both firms to address the significant unmet housing demand, catering to Millennials and Baby Boomers seeking modern rental options.
- Joint venture with Stockbridge Capital Group increases purchasing power to over $4 billion.
- Focus on acquiring high-quality, purpose-built single-family rental communities.
- Active acquisition of over $1 billion in properties across the U.S. Sun Belt.
- None.
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
Along with its formation, the joint venture has recently either acquired, or is in the process of acquiring, more than
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
"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
View original content:https://www.prnewswire.com/news-releases/more-residential-and-stockbridge-announce-4-billion-single-family-rental-joint-venture-301444881.html
SOURCE Stockbridge
FAQ
What is the value of the joint venture formed by MORE and Stockbridge?
What types of properties is the MORE-Stockbridge joint venture targeting?
How much is MORE Residential currently acquiring in single-family rental communities?
Which demographic groups are being catered to by the joint venture?