SVN | SFR Capital Management, a private commercial real estate investment firm, and RP Homes, a Tennessee-based builder, have entered into a joint venture to acquire, lease, and stabilize homes across the Southeast. The partnership with RP Homes is SVN | SFR’s first direct U.S. home builder joint venture relationship.
The Guild, a 92-townhome, build-for-rent community currently under construction in Chattanooga, Tennessee, is the joint venture’s inaugural asset. The partners plan to amass 250 to 1,000 homes annually, targeting Georgia, North Carolina, South Carolina, and Tennessee.
“We’re excited to move forward and get more communities on the radar with our partnership with RP Homes, and other experienced builders throughout the country, that know local neighborhood markets where there’s community demand for rental housing,” says Jeff Cline, CEO of SVN | SFR Capital Management. “RP Homes understands local residents and is on point building what prospective renters desire in both attached townhomes and conventional detached single-family homes.”
Currently under development with several townhomes occupied, The Guild features spacious two-, three-, and four-bedroom floor plans with one- or two-car attached garages and stylish interior upgrades with an average monthly rent range of $1,800 to $2,300.
Located in the East Brainerd neighborhood of Chattanooga, the pet-friendly community offers amenities including a fitness center, a swimming pool, community walking trails, a fishing pond, a playground, a community center, and on-site dog parks.
“Teaming up with SVN | SFR gives us the ability to scale our production faster at less cost and, importantly, deliver new, amenity-rich housing options to eager rental families,” says Gabe Thomas, president of RP Homes. “Interest in our first rental community, The Guild, has been exceptional. There are several additional rental housing developments in the works that will contribute to fulfilling the affordable housing demand in targeted high growth markets we’ve identified.”
The joint venture plans an additional 500-plus homes targeted to begin construction within 10 to 18 months in the Tennessee market.