Stockbridge MORE Communities secures $780 million for build-to-rent acquisitions
Covey Homes owner completes new financing
May 31, 2023
PLANO, Texas, May 31, 2023 -- Stockbridge MORE Communities, owner of build-to-rent single-family communities operating nationwide under the Covey Homes by MORE brand, today announced a $380 million upsize of its existing acquisition warehouse facility, bringing its current warehouse facility capacity to $780 million. Cumulatively, Covey Homes has nearly $1 billion in financing to pursue acquisition opportunities throughout Sun Belt states.
With equity commitments and other funding sources, Covey Homes has gross purchasing power of more than $4 billion.
Nomura joined Bank of America and other lenders in funding the acquisition warehouse facility, which will be used by Covey Homes to acquire build-to-rent communities throughout the Sun Belt.
"This facility expands our opportunity to more rapidly build out our Covey Homes platform,'' said Mark Alfieri, Chief Executive Officer of MORE Residential. "Millennials and Baby Boomers are embracing the hassle-free single-family rental experience as they discover that our professionally managed and maintained communities offer prices that are competitive with, and often less than, the all-in costs of owning a home.''
Covey Homes now owns and operates more than 2,000 completed homes in 15 communities in the Southeast and Texas. The company has approximately 3,000 more homes in development.
"We are accelerating our acquisition activity amid strong demand for high-quality single-family housing in well-maintained communities in desirable locations,'' said Alex Lachman, Portfolio Manager at Stockbridge. "This funding provides Covey Homes with even more firepower to pursue new acquisition opportunities in the fast-growing build-to-rent market.''
Formed in 2021, Stockbridge MORE Communities is a joint venture between San Francisco-based investment firm Stockbridge and Plano, Texas-based MORE Residential, led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. The venture now brands all of its communities as Covey Homes.
Covey Homes communities offer a carefree, tech-enabled lifestyle, beginning even before move-in with self-guided tours of homes and after with easy-to-use smart-home capabilities. Covey Homes communities generally consist of 50 or more homes with modern finishes and high-quality amenities, such as clubhouses, fitness centers and swimming pools. The Covey Homes brand offers professional management and maintenance teams, all at an accessible price relative to home ownership.
Covey Homes by MORE Acquires New Rental Home Community in Athens, GA
Cottages at Lexington joins Covey Homes family
February 8, 2023
Covey Homes by MORE announced today that it has acquired Cottages at Lexington, a newly built residential community in Athens, GA. The 200-home single-family rental community is now Covey Homes Lexington.
Construction on the charming, gated neighborhood of single-story, ranch-style homes concluded in January 2023. Richly landscaped and conveniently located near Athens’ Southeast Clarke Park and a variety of restaurants, entertainment and shopping options, Covey Homes Lexington also has an expansive clubhouse, fitness center, swimming pool and dog park.
“This community is an ideal fit for Covey Homes by MORE,’’ said Mark Alfieri, CEO of MORE Residential, which owns and operates the Covey Homes brand along with its financial partner Stockbridge. “With its superb location and the quality of design, construction and amenities, Covey Homes Lexington offers the type of unique home-rental experience that defines the Covey Homes by MORE brand.’’
With the acquisition, Covey Homes by MORE now owns and manages 10 communities in the Southeast, offering an unparalleled single-family rental home experience at an accessible price relative to home ownership.
Each community offers a tech-enabled lifestyle, beginning even before move-in with self-guided tours of homes with the upcoming addition of easy-to-use smart-home capabilities. Communities consist of 50 or more homes with modern finishes and high-quality amenities. Learn more at CoveyHomesbyMORE.com.
STOCKBRIDGE MORE COMMUNITIES UNVEIL COVEY HOMES BY MORE
Rental communities to be unified by brand name, quality customer experience.
January 26, 2023
Stockbridge MORE Communities, owner and operator of build-to-rent single-family communities nationwide, today unveiled an overarching brand for its communities, Covey Homes by MORE.
All of Stockbridge MORE Communities’ current and future neighborhoods will be branded Covey Homes by MORE.
Formed in 2021, Stockbridge MORE Communities is a joint venture between San Francisco-based investment firm Stockbridge and Plano, Texas-based MORE Residential, led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. Stockbridge MORE Communities is acquiring newly-built single-family rental communities in high-growth U.S. markets.
“Unifying our communities under a single brand will help customers better understand the value of living in a Covey Homes neighborhood,’’ said Mark Alfieri, CEO of MORE Residential. “As we expand our footprint nationally, we expect Covey Homes by MORE to deliver an unparalleled home rental experience for our customers.’’
Covey Homes communities offer a carefree, tech-enabled lifestyle, beginning even before move-in with self-guided tours of homes and after with easy-to-use smart-home capabilities. Covey Homes communities consist of 50 or more homes with modern finishes and high-quality amenities, such as clubhouses, fitness centers and swimming pools. The Covey Homes brand offers professional management and maintenance teams, all at an accessible price relative to home ownership.
“The Covey Homes by MORE brand is intentional with a hyper-focus on creating a consistent customer journey,’’ said Brandi Trammell, Director of Brand and Marketing for MORE Residential. “We thoughtfully plan and manage every aspect of the customer experience so our residents genuinely feel at home from the day they move in to a community.’’
MORE RESIDENTIAL AND STOCKBRIDGE ANNOUNCE $4 BILLION SINGLE-FAMILY RENTAL JOINT VENTURE
December 15, 2021
MORE Residential, a Texas-based owner and operator of residential rental properties, announced today that it has formed a programmatic joint venture with San Francisco-based investment firm Stockbridge Capital Group to acquire single-family rental communities in high-growth U.S. markets.
The joint venture will have more than $4 billion of initial gross purchasing power, with the potential to further scale over time. It targets newly built single-family rental communities that are purpose-built as rentals (or “build-to-rent” communities), including those that have been recently constructed, are currently under development, or are planned for development. The joint venture will seek to acquire build-to-rent communities consisting of 50 or more homes with modern finishes and high-quality amenities (such as clubhouses, fitness centers and pools) in locations characterized by strong population and job growth.
Along with its formation, the joint venture has recently either acquired, or is in the process of acquiring, more than $1 billion of such communities, which are at various stages of development and completion throughout the U.S. Sun Belt.
MORE Residential is led by former senior executives of Monogram Residential Trust, a NYSE-listed multifamily REIT taken private by an institutional investor group in 2017. MORE Residential will oversee day-to-day operations of the venture, applying its significant experience acquiring and professionally managing amenity-rich residential communities.
Stockbridge is a real estate investment manager with approximately $25 billion of assets under management. Stockbridge will contribute to overall investment strategy execution, leveraging its expertise creating scalable investment platforms for institutional investors.
“This housing type caters to the preferences of the U.S.’s two largest demographic cohorts: Millennials and Baby Boomers,” said Mark Alfieri, MORE Residential Chief Executive Officer. “We’re offering Millennials larger living spaces to accommodate growing families, and Baby Boomers the hassle-free lifestyle of renting, packaged together with modern amenities, and professional management and maintenance teams, all at an accessible price relative to home ownership.”
“In many areas of the U.S., there is enormous unmet housing demand. We’ve created a platform premised on offering attainable housing for those seeking high-quality homes in desirable community settings,” said Terry Fancher, Stockbridge Executive Managing Director. “The MORE Residential team provides important leadership for this new venture
through their deep rental housing management experience and extensive network of developer relationships for helping the venture source new acquisitions to grow.”
MORE RESIDENTIAL ACQUIRES UPTOWN TRAIL, A LUXURY APARTMENT COMMUNITY IN DALLAS, TX
January 7, 2019
MORE Residential announced its acquisition of Gables Uptown Trail, a luxury apartment community in the Uptown submarket of Dallas, Texas. The LEED Bronze property will be rebranded as “Uptown Trail,” and is comprised of 334 apartment homes in a seven-story wrap structure. Uptown Trail was completed in 2012 and is located along Katy Trail at 2525 Carlisle Street.
"This acquisition continues MORE’s strategy of acquiring newer, well-located luxury apartment communities with the upscale amenities sought by today's renters," said Mark Alfieri, Chief Executive Officer of MORE Residential. "We were pleased to acquire a community along the Katy Trail, surrounded by all the employment and nightlife opportunities Uptown Dallas has to offer," added Rob Hodge, Senior Vice President of Investments at MORE Residential.
Amenities at Uptown Trail include a resort-style pool, outdoor kitchen and grilling area, fire pit lounge, resident clubroom with a game lounge, cyber lounge with a gourmet coffee bar, business center, fitness center, dog park and access to a secured five-level parking garage. Apartments are available in studios, one, two or three bedrooms, up to three baths and average 935 square feet. Interiors feature eco-friendly bamboo flooring, quartz countertops, stainless steel appliances, designer kitchen backsplash, contemporary cabinetry with glass inserts, 10’ ceilings and speaker systems with iPhone/iPod docking stations.
The community provides immediate access to Katy Trail, which stretches 3.5 miles, going to Highland Park in the north and American Airlines Center to the south. Uptown Trail is near popular high-end restaurants, shopping and nightlife centers in Uptown, West Village, Victory Park and Knox Henderson.
The property benefits from its proximity to Dallas’ most influential economic drivers. The site is located within a short commute to employment hubs such as Uptown (84,000 employees), Downtown (92,000 employees) and the Medical district (40,000 jobs). Uptown Trail will also benefit from the nearby office development, with more than 1.1 million square feet of Class A office space planned for delivery over the next year within a one-mile radius.
MORE RESIDENTIAL & TRAMMELL CROW RESIDENTIAL ANNOUNCE THE
DEVELOPMENT OF A LUXURY MULTIFAMILY COMMUNITY IN SEATTLE
January 2, 2019
MORE Residential announced today that it will begin construction on a luxury multifamily community in Shoreline, WA, a town center north of Seattle. The development, tentatively known as “Alexan Shoreline,” is the result of a joint venture with Trammell Crow Residential (“TCR”).
Alexan Shoreline is located at the intersection of Westminster Way, 155th St and Aurora Ave, construction on its 330 units is scheduled to be complete in 2021. The property will offer both market rate and affordable units in studio, one bedroom one bathroom and two bedroom two bathroom layouts, ranging from 505 to 1,092 square feet.
“We are excited to partner with TCR on such a high-caliber project. This type of thoughtful development reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors,” said Mark Alfieri, Chief Executive Officer at MORE Residential. “North Seattle and Shoreline have been target markets of ours for years and due to walkability, accessibility and visibility, we believe this is the best development site in the submarket” said Mark Hoyt, Managing Director of TCR in Seattle. “We have had a long-term relationship with executives at MORE Residential and are excited to partner with them on another project”.
Alexan Shoreline, a podium-style community, will feature luxurious amenities including a state-of-the-art fitness facility, an outdoor stretching/yoga terrace, as well as a spacious entertainment lounge with flat screen TVs and demonstration kitchen. There will also be a rooftop deck with firepits and gas barbecues, a dog washing and grooming station and bike storage/workshop. Units will be designed with contemporary flat-panel kitchen and bathroom cabinets, contemporary color schemes, high-end vinyl plank flooring, quartz countertops, tile backsplashes and washer/dryers.
Residents will enjoy walkability to high quality grocery stores and a farmer’s market, and immediate access to recreation areas such as the Interurban Trail, which stretches 24 miles, going as far north as Everett and connects into the Burke-Gilman trail to the South near Lake Union. The property also has convenient access major job centers and entertainment via I-5, the major north-south freeway in Seattle. The property is also located on the same side and less than a block to a Bus Rapid Transit (BRT) station, which will provide future residents an express line with few stops to Downtown Seattle.
MORE, BRIDGE BANK & JPI ANNOUNCE DEVELOPMENT
OF A LUXURY MULTIFAMILY COMMUNITY IN ANAHEIM
August 22, 2018
The beautiful beaches aren’t the only thing attracting residents to Orange County these days. With more than 1.4 million jobs identified in the area, this growing submarket has an overwhelming need for multifamily development and new living experiences.
JPI intends to meet those needs with their newest Class A multifamily development. Revo at Platinum Park will begin construction in Anaheim after closing its financing today. The financial partners for the development are MORE Residential and Bridge Bank.
“We’ve been in this market for a long time, so we have a unique opportunity to serve the residents of Anaheim,” said Rosie Cooper, executive vice president and regional managing partner at JPI. “Our research has shown that residents aren’t just looking for a nice place to live – they are looking for a place that fits their lifestyle. Being in the heart of the prestigious Platinum Triangle opens up this community to the energy around it. We are excited to welcome Revo at Platinum Park to Anaheim and see the impact it will make.”
“We are excited to partner with JPI on such a high-caliber project,” said Mark Alfieri, chief executive officer at MORE Residential, the joint venture/equity partner on Rev at Platinum Park. “This well-thought-out development reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors.”
Revo at Platinum Park, a 332-home community located in the Platinum Triangle area of Anaheim at the intersection of East Gene Autry Way and South State College Boulevard, will include 14,600 square feet of commercial space. This will be JPI’s third community within walking distance of the Platinum Triangle.
“JPI’s Revo at Platinum Park exemplifies Bridge Bank’s commitment to invest in vibrant developments in communities that are the cornerstone of economic growth. Anaheim’s Platinum Triangle, and JPI’s visionary development, is a perfect example of that commitment,” said Maggie Hsu, vice president and senior loan officer in Bridge Bank’s Construction Lending Group.
Residents will enjoy being within walking distance of the 45,477-seat Angel Stadium of Anaheim, home to the Los Angeles Angels. Residents are also just minutes away from an array of nearby entertainment options including new eateries, breweries, the Packing District, Disneyland and the Honda Center concert venue, home of the Anaheim Ducks.
Revo at Platinum Park, a podium-style community, was designed with a mix of modern and industrial architectural styles. The design includes an expansive courtyard with a pool and a resort-style sunken island. This project boasts a large multiuse resident clubhouse and two rooftop decks, all designed with the community experience in mind. Residents can come together and enjoy views of the ballpark and Disneyland’s nightly fireworks show. The community includes multiple barbecue areas, an outdoor lounge, and a state-of-the-art indoor fitness center with an outdoor workout space for those who enjoy the breeze. Residents will also enjoy access to the adjacent 1.09-acre dedicated public park, which includes an off-leash dog area.
For residents working at top employers in the area such as Disney, UCI Medical Center, PuroClean, Volt Information Sciences and Hilton, Rev at Platinum Park is convenient to the I-5 and SR-57 freeways and the $188 million Anaheim Regional Transportation Intermodal Center.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth. Headquartered in Irving, Texas, JPI also has offices in California, Arizona and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments. To learn more about JPI, please visit JPI.com.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks second on the Forbes 2018 “Best Banks in America” list. For more information, visit bridgebank.com.
MORE RESIDENTIAL & JPI BREAK GROUND ON LUCIA,
A LUXURY APARTMENT COMMUNITY IN FRISCO, TX
July 6, 2018
Over the past couple of years, Texas suburbs have dominated the U.S. Census Bureau’s list of fastest-growing cities in the country. To meet the accelerated need for Class A multifamily housing in Frisco, a sub-market that has seen unrivaled growth and development, JPI and MORE Residential have broken ground on Lucia, a 425-home luxury multifamily community within Frisco’s “The Gate” development. Lucia is located on the northwest corner of the Dallas North Tollway and John Hickman Parkway. The master development is set to include more than 650,000 square feet of office space, 130,000 square feet of retail space and a luxury hotel.
“With the rapid and sustained population growth in Frisco, now is an exciting and essential time for development. To support the large amount of jobs being created in the Dallas-Fort Worth metroplex, there is an impending need for key housing and infrastructure developments as well. We are excited to deliver this unique, conveniently located community to the residents of Frisco, both established and new,” said Matt Brendel, senior vice president and development partner at JPI. “We are excited to partner with JPI on this well-located and thoughtfully designed project,” said Mark Alfieri, chief executive officer at MORE Residential. “This reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors.”
Lucia is anchored by a host of prestigious corporate centers, including Hall Park, The Star and Legacy Business Park, which is home to suburban Dallas’ largest concentration of corporate America. Additionally, the expansive Legacy West mixed-used development is located less than two miles away and includes the corporate headquarters for a number of Fortune 500 companies, including Toyota, JCPenney, FedEx, Liberty Mutual and many others.
In addition to being located in the heart of Frisco’s North Platinum Corridor, Jefferson at The Gate will offer trail access and lake views to residents, seamlessly weaving a true live-work-play environment. Amenities at the property include two resort-style pools, concierge service, free wireless connection in all common areas, state-of-the-art fitness center and a yoga studio. Individual apartment homes will be equipped with kitchen islands, 10-foot ceilings (or higher), granite and quartz countertops, designer appliance packages, full-sized washers and dryers and urban mud rooms.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 4,611 apartment homes under construction. Headquartered in Irving, Texas, JPI also has offices in California, Arizona and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects to student-living housing projects and mixed-use high-rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI, please visit JPI.com.