Haven Realty, JP Morgan Announce $1B BTR Joint Venture

The privately held investment and operating firm and J.P. Morgan’s real estate investment platform announced the $1 billion partnership in November to focus on build-to-rent communities.

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Haven Realty Capital, a privately held real estate investment and operating firm focused on single-family developments, and the real estate investment platform of J.P. Morgan announced a $1 billion build-to-rent (BTR) joint venture with $415 million in equity.

“The for-sale housing market has been significantly hampered by recession fears, inflation and rising interest rates placing a burden on homebuilders and their ability to add to the housing stock,” said Haven Founder and Managing Principal Sudha Reddy in a release.  “This partnership will allow us to continue working with U.S. homebuilders, who are becoming increasingly comfortable selling entire communities to operators like Haven to lease to residents who want to live in a home but can’t afford to buy or prefer to rent.”

The initial investment will include three communities with nearly 250 homes in the Atlanta metro, which will close in the next three months.

“We’re pleased to able to partner with Haven to continue to provide the attractive, newly-built, larger single-family homes for rent that more and more American families seek,” said Ryan Holgan, Executive Director, Real Estate Americas, at J.P. Morgan Asset Management, in the announcement.

Haven has 35 communities across nine states, mainly in the Sun Belt, with roughly 3,500 homes. Haven plans to target communities with 50-200 homes that range from 1,500 to 2,500 square feet under the new joint venture.