Atlanta Single-Family Rental Portfolio Sells for $134M

The Reserve in Dallas, Ga. Image courtesy of Haven Realty Capital and Walton Street Capital

The single-family rental (SFR) sector has chalked up another significant deal, with Haven Realty Capital and an affiliate of Walton Street Capital LLC partnering to acquire six communities in the Atlanta area for $133.7 million. Developer ResiBuilt Homes is selling the portfolio, which spans 536 newly constructed SFR homes.

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The buyers have closed on the first phase of the acquisition, totaling 113 homes, which were 100 percent leased upon closing, and the remaining homes will be snapped up over the coming months after certificates of occupancy are issued. Spread across three Georgia counties, the portfolio includes the following communities:

• Bella View at 2800 Temple Johnson Road, Snellville
• The Reserve at 138 Wood Point Way, Dallas
• Macland Township Phase 2 at 50 Macland Township Drive, Dallas
• Trickum Hill at 1467 Five Forks Trickum Rd SW, Lawrenceville
• Moss Pointe at 110 Moss Drive, Canton
• Magnolia Trace at 1100 Old Magnolia Way, Holly Springs

The portfolio will be managed by ResiHome. Averaging 2,200 square feet, the built-for-rent houses come in three-, four- and five-bedroom floor plans and include yards and two-car garages. The homes also feature security systems and modern finishes including stainless steel appliances and granite countertops.

Southeastern pipeline

Real estate investment and management firm Haven Realty Capital said in a statement that the deal represents the first closing of what is projected to be a roughly $200 million pipeline of dedicated rental communities—purpose-built communities that offer rental homes in a residential subdivision setting—throughout the Southeast.

The company added that it expects to close an additional 700 SFR and townhomes within the next 18 months and anticipates doubling its volume of deals contract over the next 12 months. A JLL Capital Markets team of James Brolan, Matthew Putterman, Matthew Schoendfeldt and Stuart Hepler advised Haven Realty Capital in the transaction, while Whelan Advisory served as the exclusive advisor to ResiBuilt.

The deal comes soon after investment management giant Nuveen Real Estate announced it was investing up to $400 million in Sparrow, a new single-family rental startup with an initial portfolio in Arizona, Florida and Texas.