Global private markets firm Partners Group has bought a $1bn (€950.2m) single-family rental homes portfolio in the US.
Partners Group, investing on behalf of its clients, said the portfolio was acquired from affiliates of Fortress Investment and Kairos Living.
The portfolio consists of 2,528 new single-family rental homes and a pipeline of over 1,000 homes under construction spread across 17 states in the Sunbelt region. The majority of the assets are located in Texas, Alabama, Georgia, and Oklahoma.
Partners Group said Kairos Living will handle the management of the portfolio. Partners Group also plans provide capital to acquire additional homes and invest in the Kairos Living operating platform.
Ron Lamontagne, managing director and head private real estate in the Americas at Partners Group, said: “We were attracted by this investment as it sits within one of our high-conviction themes, residential-for-rent, and helps ease housing supply constraints.”
Scott Egarian, a member of management of private real estate in the Americas at Partners Group, said: “A rising number of companies are locating or relocating to the Sunbelt from more expensive and high cost, high tax metro areas.
“As a result, the target demographic for the portfolio, which typically includes young families with stable incomes that are looking for more space, is growing. Our vision is to capitalise on the fragmented nature of the single-family rental market to build a platform across the region whilst ensuring superior tenant experiences.”
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