BTR Daily - July 16, 2025 - Covey Homes by MORE acquires Florida community

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NEWS ROUNDUP

ACQUISITION: Covey Homes by MORE acquires Florida community. Covey Homes by MORE has acquired Claret Village at Lafayette Trail, a newly completed 182-unit single-family rental community in Tallahassee, Florida. Now rebranded as Covey Homes Tallahassee, the property features single-story two- and three-bedroom homes with attached garages, patios, and energy-efficient finishes. The company plans to expand on-site amenities around the existing pool. CEO Mark Alfieri of MORE Residential praised the acquisition as a strategic addition to their Sunbelt portfolio, which now includes more than 5,000 homes.

PARTNERSHIP: Nhimble and family office form $300 million partnership to invest in BTR sector. Nhimble has partnered with a family office to deploy $300 million into BTR communities across the Sunbelt and Midwest. The strategy targets ground-up developments and stabilized portfolios of 100+ units, with flexibility for smaller deals. The firm, led by Joshua Strong and Nick Marino, is actively evaluating opportunities and continues to support clients in sourcing scattered site and off-market SFR portfolios.

DEVELOPMENT: JCCG begins vertical construction on 206-unit BTR project in Florida. Jim Chapman Construction Group (JCCG) has broken ground on vertical construction at The Cottages at Capital Circle, a 206-unit BTR townhome community in Tallahassee, Florida. The 30-acre gated development will offer three floor plans, ranging from 1,020 to 1,439 square feet. Jim Chapman, President of JCCG, noted the project underscores the firm’s focus on building high-quality rental communities in college towns. The community will feature modern finishes, a clubhouse, pool, fitness center, and on-site management. It marks JCCG’s second partnership with a major publicly traded.

FINANCING: Ledger Trade & Capital closes $15.5 million construction loan for Aspen-area luxury townhomes. Ledger Trade & Capital has secured a $15.5 million ground-up construction loan for a 14-unit, four-building luxury townhome project in the greater Aspen, Colorado area. The financing supports new development in one of the country’s most coveted mountain markets, where demand for high-end housing remains strong.

CHART: BTR units under construction as of May 2025.

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BTR FOR SALE

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Forward Sale | 124 Units | 2-Car Garages | Private Driveways | Resort-Style Swimming Pool | Avg. Rent per Unit: $2,900

193 Units | Built in 2024 | Below Current Replacement Cost Acquisition Opportunity

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