Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Transcendent Electra Signs Agreement to Buy $1.3B in Build-to-Rent Homes
Miami-based Transcendent Electra, joint venture between single-family rental platform Transcendent Investment Management and multifamily owner/operator Electra America, will be adding almost 3,500 new single-family homes and townhomes to its portfolio through a transaction topping $1.25 billion.
The seller is an undisclosed corporate entity.
The initial phase features 1,424 new single-family and townhomes through transactions topping $504 million. The new-construction communities will consist of single-family homes and townhomes located in Tampa, Atlanta, Athens, GA and Pinehurst, NC.
Another 2,000 units totaling $750 million will immediately follow in GA, SC, FL and TX. The entire portfolio is expected to be delivered by the end of 2022.
The investment platform aims to acquire or develop approximately $3 billion in SFR housing over the next three years.
“The demand for single-family rentals is unprecedented,” said Jordan Kavana, CEO of Transcendent Electra.
- ◦Sale/Acquisition
