BTR List
Posts
BTR Daily - February 26, 2026 - Sallee sells 192-unit community

BTR Daily - February 26, 2026 - Sallee sells 192-unit community

Middleburg closes $125M GP Fund II. Cavan Companies enters Kansas City with 153-unit BTR. RKW Residential adds 578 units under management. Trump order curbing institutional homebuyers could hit Sunbelt hardest. Two new BTR deals.

Matt H & Aid Sopjani
February 26, 2026

Good morning. Welcome to BTR List! In each issue, we cover the top stories, trends, and listings in build-to-rent and single-family rentals.

→ Make someone’s day! Forward BTR List to clients and colleagues. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

DISPOSITION: Sallee sells 192-unit BTR community in Spring Hill. Sallee Development sold the newly constructed Oak Woods townhome community in Spring Hill, Kansas, to Wrightwell for an undisclosed price. The 192-unit BTR property was approximately 50% occupied at the time of its closing. Anthony DePalma said the acquisition aligns with the firm’s strategy to grow its BTR portfolio in markets with strong fundamentals, while Tyler Sallee said the sale reflects both product strength and sustained demand in the Kansas City metro.

FUNDRAISING: Middleburg closes $125M fund. Middleburg has held a final close for GP Fund III with $125 million in capital commitments, surpassing its target and hitting the fund’s hard cap. The GP Fund will be used to develop institutional-quality multifamily communities and BTR neighborhoods in high-growth U.S. markets. Kory Geans said the fund builds on the firm’s disciplined capital deployment and risk management approach amid persistent housing supply constraints, while Christopher Finlay said GP Fund III expands the firm’s ability to scale a research-driven, vertically integrated development strategy focused on managing cost, risk, and long-term value creation.

DEVELOPMENT: Cavan Companies enters Kansas City with 153-unit BTR. Cavan Companies is expanding into Kansas City, Missouri with The Bungalows at Maple Woods, a 153-unit, single-story BTR community. Horizontal construction is targeted for June 2026, with vertical construction expected six to eight months later. The community will offer one-, two-, and three-bedroom single-story homes with private fenced backyards, garages, and amenities including a clubhouse and fitness center. CEO Norm Miller said the firm is prioritizing markets with measured supply growth and durable demand, pointing to Kansas City’s steady fundamentals (roughly 3%–4% rent growth, ~93% occupancy, and new supply around 3.4% of inventory).

MANAGEMENT: RKW Residential adds 578 units under management. RKW Residential added three new third-party property management assignments totaling 578 units across North Carolina, Alabama, and Mississippi. Kevin Owens, President of Property Management at RKW Residential, said the wins reflect partner confidence and continued Southeast expansion.

READ: Trump order curbing institutional homebuyers could hit Sunbelt hardest.