BTR Daily - January 15, 2025 - Covey Homes acquires 327 townhomes

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NEWS ROUNDUP

ACQUISITION: Covey Homes acquires 327 townhomes. Covey Homes, a MORE Residential and Stockbridge JV, has acquired Cottages at New Hampstead, a 2024-built, 327-unit rental community in the suburbs of Savannah, GA. Mark Alfieri, CEO of MORE Residential, stated, "We continue to see strong demand for the professionally managed home-rental experience provided by Covey Homes." Terry Fancher, Executive Managing Director of Stockbridge, added, "This venture continues to fund the creation of additional rental housing across the United States."

ACQUISITION: MJW acquires BTR community in Meridian, ID. MJW Investments has acquired Verraso Village, a 96-unit Class A BTR townhome community located in Meridian, ID. Built in two phases between 2016 and 2018, Verraso Village offers spacious two-level homes averaging 1,840 square feet, each with an attached two-car garage. MJW’s Tony Cianciolo and Mark Weinstein expressed great enthusiasm about the acquisition.

DEVELOPMENT: BB Living opens third BTR in the Tampa region. BB Living is set to open its third BTR community in the Tampa Bay area. The new development, BB Living Wellen Park, located in North Port, is scheduled to open in January 2025. Spanning 80 acres, the community will feature 200 units, comprising 100 two-story homes and 100 single-story homes. Branden Lombardi, President of BB Living, previously stated that their communities provide "the best of both worlds with high caliber amenities and the lifestyle and level of service of a luxury apartment community, with the benefits of larger homes and more privacy offered in single-family living."

FINANCING: BWE arranges $36.1 million for Wisconsin BTR. BWE has arranged $36.1 million in permanent financing for Heyday Sun Prairie, a 170-unit BTR community located in Sun Prairie, WI. The transaction was facilitated by BWE's Dan Rosenberg, Tim Caffrey, and Logan Petersmeyer.

READ: 60% of builders report selling homes to investors.

BTR FOR SALE

Click each image for more information:

97 Units | Attached Garages | Delivered in March 2025 | Prime Location

Three BTR communities | 358 Units | Sold Together or Individually

ONE MORE THING

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