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BTR Daily - November 26, 2024 - Lafayette announces plans for BTR near Tampa

BTR Daily - November 26, 2024 - Lafayette announces plans for BTR near Tampa

Lafayette announces BTR plans. Curve Development opens 102-unit BTR. Caldwell completes first BTR. Invitation Homes announces $200 million JV. Evergreen Residential raises $1 billion. Two new BTR deals.

Matt H & Aid Sopjani
November 26, 2024

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NEWS ROUNDUP

DEVELOPMENT: Lafayette announces plans for BTR near Tampa. Lafayette has announced plans to develop Grand Reserve, a BTR community in New Port Richey, Florida, marking the firm's 15th BTR transaction since launching its program in 2023. CEO Thibault Adrien emphasized the company's strategy of sourcing land directly and enhancing internal home-building capabilities to provide attainable single-family housing for renting families. “Tampa is one of a dozen markets we’ve identified across the southern US that are supply constrained with strong demographic trends” - Chris Mataja, COO, Lafayette.

DEVELOPMENT: Curve Development opens 102-unit community in Arizona. Curve Development has announced the opening of Cyrene at Skyline, a BTR community in Waddell, Arizona. The community comprises 102 three- and four-bedroom homes, ranging from 1,433 to 2,091 square feet, each featuring a two-car garage, private yard, modern kitchen design, and smart home technology. "We're thrilled to offer this single-family home luxury rental living opportunity to the West Valley" - Nathan Pile, CEO, Curve Development.

DEVELOPMENT: Caldwell completes first BTR. Caldwell Communities has completed Mirella, its inaugural BTR development in Tomball, TX. The 28-acre community comprises 204 detached single-family homes and cottages. Pre-leasing began in late summer, with the first residents moving in by October. Caldwell plans to pursue additional BTR projects to meet the growing demand for flexible living options amid rising home-ownership costs.

FUNDRAISING: Invitation Homes announces $200 million joint venture. Invitation Homes has announced a joint venture with a global investment partner to invest in newly constructed homes and communities across several high-growth markets. The venture plans to deploy approximately $500 million, with an initial equity commitment of $200 million, of which Invitation Homes will contribute $50 million. CEO Dallas Tanner stated, "We believe our partnership approach to investing in new homes with builders is an optimal strategy for Invitation Homes to maximize risk-adjusted returns while also helping to bring high-quality new housing options to where they are greatly needed."

FUNDRAISING: Evergreen Residential raises $1 billion. Evergreen Residential Holdings has secured $1 billion in capital commitments to support the growth of its equity, lending, and property management divisions. The funding comes from multiple investors, including a strategic investment from Kuvare Holdings, a financial services company, and a seed investment from Prosperity Asset Management. Kuvare CEO Dhiren Jhaveri highlighted Evergreen's data-driven approach and growth trajectory as key factors in their investment decision. Evergreen CEO Joseph Negri emphasized the company's readiness to address the national housing shortage, leveraging their experience in single-family residential strategies, including build-to-rent, to create value for investors, residents, employees, and communities.