Haven Pays $80M for SFR Portfolio
The investor added to its footprint with the acquisition of one community in Charlotte, N.C., and two near Atlanta.
Haven Realty Capital has acquired two communities in the greater Atlanta area and one in Charlotte, N.C., for $80 million. The transactions add 260 homes to Haven’s single-family rental and build-to-rent portfolio.
According to Haven’s Principal Chris Turrito, the firm will focus on expanding its SFR footprint, especially in the Southeast. In the coming 12 months, Haven expects to reach or even surpass its goal of doubling its volume of deals under contract with acquisitions anticipated to close in Arizona and Tennessee.
Underway in the suburbs
The two suburban Atlanta properties, amounting to 154 rental homes, are still under construction, each about 30 miles from downtown Atlanta. Stapleton Park at 100 Everett Square in McDonough, Ga., will include 76 units, while Rosemary Park at Sugarloaf at 2085 Rosemary Park Lane in Lawrenceville, Ga., will have 78 homes.
The McDonough property will feature three- and four-bedroom homes with floorplans ranging from 1,916 to 2,655 square feet, with Rosemary Park offering homes with smaller footprints, between 1,559 and 1,804 square feet.
Queen City Townes, a 106-unit single-family rental community taking shape at 4928 Old Pineville Road in Charlotte, will include two- and three-bedroom townhomes with floorplans averaging 1,521 square feet. According to Yardi Matrix, the property is slated to deliver next spring, some 6 miles from central Charlotte.
In 2019, the Charlotte development secured a $4.3 million construction loan from CresCom Bank, which became part of United Bank in 2020, public records show.
In October, Haven partnered with Walton Street Capital to acquire a six-property SFR portfolio in the Atlanta metro. The newly built communities include more than 500 homes and sold for nearly $134 million.