A new housing platform by RangeWater was recently launched. It's a Single-Family Rental (SFR) sector platform, wherein it is expected to support 15 communities. It is also expected that the $800 million will be deployed in the business, 18 months from launch. It will be the biggest SFR platform that the company will be betting on in that particular sector of the real estate market.
Rangewater's SFR Build-To-Rent Platform Is Hopefully the Company's Next Expected Hit
According to Multi-Housing News, the company behind this new rental platform is the one that recently acquired the Front Yard Residential Corporation. The said corporation was previously owned by Pretium & Ares Management Corp., which was bought from them for the asking price of $2.4 billion dollars.
It is noted that RangeWater was previously known as Pollack Shores Real Estate Group. They previously managed multifamily units that amounted to 50,000, wherein 10 states were involved with it. Their offices are currently located in Tampa, Florida, and in both Atlanta and Dallas respectively.
Before this platform project, it has been noted that RangeWater became involved in this sector last year. It was involved in the development of two rental townhomes. They are named The Armory located in Boulder and Maverick in Atlanta. The first one, which started construction in October 2019, is expected to bring 201 new units of both apartments and townhomes once finished.
The SFR housing platform would be named under the Storia portfolio, and the first community to be built under it would be named Beacon. It will be a 197-home community when finished and will be built and located in Flowery Branch, Georgia, being near Lake Lanier. They have started construction last July and is expected to deliver new units by 2021's second quarter.
The Target and Goals of RangeWater's New SFR Housing Platform
According to Makan Emping, the Storia housing platform will be aimed at addressing the demand for single-family rental homes. It has been noted that this demand has highly increased during the pandemic period, wherein many are looking for their own solo space. This is to avoid being in close contact with other people while the virus still rages on.
Additionally, the said platform will target both millennials and empty nesters that can be possible real estate customers and residents of it. Reports of this age group are the main contributors to the increase of the SFR rental sector over the past few months. This is also true for renters, as they also contribute from their own side to the demand for SFR.
The Demand for the SFR Housing Platform Will Continue Rising, Experts Says
According to GlobeSt.com, Many experts are expecting that the demand for single-family rental homes will still increase in the upcoming years since the target audience in their age groups is increasing. Additionally, the rise of new families will also contribute to the rise of this certain demand in the real estate market, especially in its rental sector.
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