A joint venture between a single-family rental investor and a multifamily owner-operator is acquiring almost 2,000 newly built townhomes and single-family residences in Florida and throughout the South.
Transcendent Electra, a partnership between Transcendent Investment Management and Electra America, has $496 million properties in the contract process and closing and another $1 billion in the pipeline, according to a press release.
The 1,889 homes were purchased directly from homebuilders and, besides Florida, are located in Atlanta and Savannah, Ga.; Birmingham and Huntsville, Ala.; North Carolina and South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin, Texas.
These are Transcendent Electra’s first major acquisitions since it launched in February. The investment platform aims to acquire or develop approximately $3 billion in single-family rentals over the next three years. The venture is targeting new-build homes in the $175,000 to $300,000 price range with average rents of $1,500 to $2,800 per month.
“Single-family rentals continue to outperform other asset types across many metro markets,” said Transcendent Electra CEO Jordan Kavana said. “Our longstanding relationships with some of the nation’s top homebuilders have allowed us to locate product in markets where demand exceeds supply, and we’re able to leverage Electra’s multifamily expertise and presence in those markets to reach prospective residents and capitalize on economies of scale.”
Transcendent Electra is also providing tenants with TIM’s new CleanLiving Health and Wellness app, which provides education, products and services to “support good health, well-being, and mindfulness.”