MORE, Stockbridge Pay $54M for SFR Asset
The joint venture formed a $4 billion partnership in 2021.
Image by Dillon Kydd via Unsplash
The Cottages at Lexington, a 200-unit single-family rental asset in Athens, Ga., has changed hands and renamed to Covey Homes Lexington. Public records show that MORE Residential, through its Covey Homes by MORE subsidiary, acquired the asset for $54.3 million in partnership with Stockbridge Capital Group. The previous owner was TPA Residential, according to Yardi Matrix data.
The purchase brought Covey Homes by MORE’s portfolio to 10 owned and managed communities in the Southeast. The company’s current footprint includes properties across Florida, Georgia and South Carolina.
MORE and Stockbridge formed a $4 billion joint venture to acquire SFR communities in 2021. They are targeting newly-built properties, including those that have been recently constructed, are under development or in the planning stages.
A brand new SFR community
TPA Residential broke ground on the project in 2021, financing its construction with a $21.8 million loan originated by Ameris Bank in 2020. The community came online earlier this year.
Covey Homes Lexington incorporates two- and three-bedroom homes ranging from 1,020 to 1,421 square feet spread across a 40.5-acre gated site. House interiors feature granite countertops, stainless-steel appliances, in-unit washers and dryers, walk-in closets and vinyl plank wood flooring, with select units including front porch entryway and dual-car garages. Neighborhood amenities encompass a fitness center, swimming pool, fenced pet park, neighbor clubroom and access to exclusive community events.
Located at 4505 Lexington Road, the property is off Highway 78 placing it roughly 5 miles from downtown Athens and 75 miles east of downtown Atlanta. The community is situated within walking distance of the East Athens Marketplace shopping mall and across the street from the Southeast Clarke Park.
