New Build-for-Rent Joint Venture Yields First Residential Community In Southeast At East Brainerd

Wednesday, October 6, 2021

SVN | SFR Capital Management, a private commercial real estate investment firm dedicated to the single-family Build-for-Rent housing sector, and RP Homes, a Southeast regional builder, have entered into a joint venture to acquire, lease and stabilize homes across the Southeast. The Guild, a 92-townhome BFR community currently under construction with occupied units in Chattanooga, is the JV portfolio’s inaugural asset. The partners plan to amass 250-1,000 homes annually, targeting Tennessee, South Carolina, North Carolina and Georgia.

"We’re excited to move forward and get more communities on the radar with our partnership with RP Homes, and other experienced builders throughout the country, that know local neighborhood markets where there’s community demand for rental housing,” said Jeff Cline, CEO of SVN | SFR Capital Management. “RP Homes understands local residents and is on-point building what prospective renters desire in both attached townhomes and conventional detached single-family homes.”

The partnership with RP Homes is SVN | SFR’s first direct U.S. homebuilder JV relationship. The capital management firm has been strategically aggressive in recently completing a network of complementary national and regional JV partners from master planned land developers to builders to a national property management firm. These JVs will ensure long-term dedicated SFR/BFR asset production for acquisition for years to come.

About The Guild:

Currently under development with several townhomes occupied, The Guild features spacious, open concept two-, three- and four-bedroom floor plans with one- or two- car attached garages and stylish interior upgrades with an average monthly rent range of $1,800-$2,300. Located in the East Brainerd neighborhood of Chattanooga, the pet-friendly community offers top-tier community amenities including a fitness center, swimming pool, community walking trails, fishing pond, playground, community center and on-site dog parks. According to John Burns Real Estate Consulting, Western Chattanooga/East Brainerd is a desirable area within the MSA with strong rental demand which has grown rapidly over the last decade.

The joint venture plans an additional 500+ homes targeted to begin construction within 10-18 months in the Tennessee market.

“Teaming up with SVN | SFR gives us the ability to scale our production faster at less cost and, importantly, deliver new, amenity-rich housing options to eager rental families,” said Gabe Thomas, president of RP Homes. “Interest in our first rental community, The Guild, has been exceptional.” He added, “There are several additional rental housing developments in the works that will contribute to fulfilling the affordable housing demand in targeted high growth markets we’ve identified.”  


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