Haven Realty Capital (Haven) added to its single-family rental (SFR) portfolio with the acquisition of the first phase of a $ 30.6 million urban rental community with 166 units, now under construction in Greenville, Carolina South.
Harrison Landing Townes is being developed by a national construction company on an 18-acre site at 106 McGuires Place in Simpsonville, SC 21 miles SE of downtown Greenville. Each 1,564-square-foot two-story townhouse has three bedrooms, two and a half bathrooms, attached garage, luxurious vinyl floors, stainless steel appliances, granite countertops, tiles and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and walking path.
The remaining residences will be acquired in phases from the construction company over the next 15 months. The project is expected to be fully stabilized by June 2022.
Since October 2020, Haven has added 10 Dedicated Rental Communities (DRC) to its expanding portfolio in Georgia, Illinois, North Carolina and South Carolina, totaling approximately 1,000 homes. The company plans to increase its pipeline of controlled DRCs from $ 300 million to $ 1 billion over the next 24 months, according to director and chief procurement officer Chris Turritto.
“We have a robust business portfolio, mainly in the Southeast, where we will buy single-family homes and residential subdivisions,” says Turitto. “Our decade of experience in the single-family rental sector, coupled with Haven’s home building relationships and a base of institutional investors with a strong appetite for the asset class, uniquely positions us to build scale in a short period of time. ”
Haven partnered with CenterSquare Investment Management to acquire Harrison Landing Townes.
“The investment aligns well with our belief that the family rental industry will continue to experience favorable winds and benefit from favorable demographic trends,” adds CenterSquare Vice President of Private Real Estate, Chris Picyk.