New Growth Living in partnership with Dallas-based Montgomery Street Partners and Boston-based Rockpoint Group LLC is creating planned rentable lifestyle communities designed to make rental homes more attractive to residents, institutional investors and surrounding neighborhoods. Developments in high-demand markets such as Austin and Dallas, Central Florida, and Northern California are in various stages of planning.

Its first community, Tanzanite in Sacramento, aims to serve the missing middle and by-choice market desiring a single-family experience. Tanzanite has 211 rental single-family homes adjacent to a community park in North Natomas. Construction is underway and the property is slated to open in second quarter 2022.

“Purpose-built rentable lifestyle neighborhoods are the most important new category of housing in decades,” said Frank Cappello, New Growth Living CEO and co-founder. “Our communities introduce attributes not yet found in the rental housing market. New Growth Living’s unique masterplans offer the some of the best solutions to the economic and social deficiencies of the U.S. housing market.”

Cappello is a former partner at SunCal, a master-planned community developer. Co-founder Dan Nethercott is a former executive vice president at The Wolff Company. Joining them is an experienced executive team of industry veterans who have an aggregated production resume of nearly 150,000 residences.

“Our mission is to instill a sense of ‘pride of rentership’ in residents,” said Nethercott. “We envision an attainable and smarter American dream.”