Real estate investment manager Heitman is expanding its US single-family build-to-rent partnership with developer Crescent Communities with an initial $235m (€202m) commitment.
The pair have agreed to a second joint venture, which has the capacity to expand up to $340m and will fund approximately six Harmon-branded communities across Sunbelt and emerging growth states.
The latest partnership follows a first joint venture in 2024, which started with an initial $235m commitment and was later expanded to $345m.
The second venture is expected to invest in the same markets as the first, including North Carolina, Georgia, Florida, Tennessee, Texas and Arizona, and will also target Colorado.
Tony Chen, senior managing director of single-family build-to-rent at Crescent Communities, said: “Launching a second joint venture with Heitman is a powerful validation of our team’s ability to identify and deliver high-quality development opportunities within this growing sector.
“As our first joint venture portfolio nears its initial community openings, we’re proud to deepen our relationship with Heitman to expand the Harmon brand and further establish Crescent Communities as a leader in the single-family build-to-rent space.”
Ashish Karamchandani, managing director and co-head of acquisitions at Heitman, said: “Our decision to launch a second joint venture with Crescent Communities is driven by their proven track record in identifying and executing high-calibre development opportunities.
“As demographic and affordability trends continue to fuel rental demand, we see Crescent and the Harmon portfolio as well equipped to lead this sector.”
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