NEW YORK & TEMPE, Ariz.–(BUSINESS WIRE)–Leveraging collective expertise in land acquisition, development, lease-up and property management, SVN | SFR Capital Management (“SVN | SFR”), a private commercial real estate investment firm dedicated to the single-family Build-for-Rent (“BFR”) housing sector, and Coronado West today announced a joint venture to invest in, build and operate a portfolio of approx. 1,000-1,500 new, single-family rental homes per year. In total, the partnership seeks to build and acquire an estimated $300 million in completed homes per year.
Markets where purpose-built rental home communities with current land assets are targeted include Charlotte, Raleigh, Jacksonville, Tampa, Atlanta, Dallas, San Antonio, Austin, Houston, Denver, Fort Collins, Las Vegas and Phoenix. Homes within the communities built will be influenced with socially responsible or ESG benefits including smart energy and solar technology provided by SVN | SFR’s energy solution partner, Elevation. Energy solutions developed to improve over 50% of the GRESB performance metrics and 35% of total GRESB ESG metrics.
Jeff Cline, CEO of SVN | SFR Capital Management, said, “We’re fortunate to team with Coronado West to source and acquire land that will bring quality rental housing to undersupplied U.S. cities with growing demand.” He added, “Our collaboration gives us greater access to land in desired areas and allows the partners to scale communities more quickly bringing to market affordable BFR rental housing with ESG benefits for years to come.”
SVN | SFR will source BFR land, provide design and optimization, lease-up and property management along with asset and disposition support. Coronado West will lead land acquisition, entitlement, development and home construction. Together, the partners will select builder(s) in each market with completed homes aggregated into the asset operating JV. Additionally, SVN | SFR now has the ability to introduce builders to the land banking benefits through Coronado West.
“This strategic partnership provides the opportunity to leverage both our proven platforms to ensure longevity and dedicated BFR community production for the long term,” said John Cork, CEO of Coronado West. “Assets will be positioned in locations with great demand while delivering rental homes with amenities highly desired by residents. This joint venture will allow us to complete two to three times as many communities per year than we could on our own.”
About Coronado West
Coronado West was founded in Tempe, Arizona in 1984 as a multi-family residential property development and management company. In 1998, Coronado West launched its land banking program, providing financial services for national and regional homebuilders. To date, Coronado West has acquired, developed, and sold approximately 30,000 residential…