GTIS Nears Exit from SFR Sector in Favor of Build-to-Rent
GTIS Partners, headquartered in Midtown Manhattan, has sold a 1,081-unit single-family-rental portfolio to an undisclosed buyer for approximately $300 million as it shifts to a build-to-rent model. The homes are located across the Atlanta and Nashville metro areas.
With the sale, GTIS has now completed the disposition of substantially all the homes it acquired in the wake of the global financial crisis. Over the past three and a half years, GTIS has sold 2,630 additional homes to institutional buyers for approximately $400 million. Another 376 homes have been sold or are in the process of being sold through retail channels.
Tom Shapiro, president and CIO at GTIS, said, “This sale represents an important milestone for our firm as we exit the first phase of our SFR platform and shift our focus to providing new, purpose-built rental product to a market that is in desperate need of new, high quality supply.”
