Walker & Dunlop Arranges BFR JV for Avanta Residential, Invesco Real Estate
Bethesda-based Walker & Dunlop, Inc., has structured a joint venture partnership between Avanta Residential, a build-for-rent developer, and Invesco Real Estate, a global real estate investment manager.
As part of the transaction, Invesco Real Estate acquired 75% of Avanta Residential, which is developing more than 20 neighborhoods and approximately 5,000 homes. Avanta plans to create an additional 40-plus neighborhoods over the course of the next several years.
Walker & Dunlop’s dedicated BFR team served as advisor to Avanta Residential and helped the firm identify a joint venture partner to provide funds and support. The Walker & Dunlop team also developed the agreement’s terms and facilitated negotiations.
According to Walker & Dunlop, BFRs are purpose-built housing to be operated as single-family rental investments within a contiguous community. The asset class is emerging a strong sector of commercial real estate and is estimated that 5-10% of new build homes are for BFR communities.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.