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Crescent Communities, Pretium Forge $1B JV Around Build-to-Rent
Crescent Communities and Pretium formed a joint venture to invest $1 billion in new single-family build-to-rent communities across 14 strategic Sunbelt markets. The JV’s new communities will operate under the Harmon brand, with the first one, Harmon Foxbank, to be located in the Charleston, SC market.
“Single-family build-to-rent allows Crescent Communities to be a part of the solution to the tremendous under-supply of rental housing in the U.S., and this partnership enables us to develop more than 3,000 new rental homes,” said Tony Chen, managing director, single-family build-to-rent at Charlotte-based Crescent.
Chen cited his own company’s experience in mixed-use development as well as Pretium’s “extensive experience scaling and managing single-family rental portfolios using technology-enabled operating processes.”
Progress Residential, the single-family rental platform of New York City-based Pretium and a leading manager of build-to-rent communities, will manage the JV’s communities. They’re expected to become available starting in early 2022.
- ◦Development
- ◦Financing
