RESICAP and Rockpoint Group Expand Joint Venture Strategies
ATLANTA, Nov. 15, 2021 /PRNewswire/ -- RESICAP, a leading provider of institutional-caliber, single-family rental services, and real estate private equity firm Rockpoint Group, are expanding their single-family rental (SFR) strategy. In October 2020, RESICAP and Rockpoint formed a joint venture targeting the acquisition of $1.0 billion of single-family homes, which has acquired or is under contract on over 2,000 properties to date. Expanding on the success of this partnership, Rockpoint and RESICAP have committed to a series of follow-on joint ventures collectively targeting an additional $2.5 billion of SFR acquisitions. The ventures expect to continue acquiring, renovating, and leasing homes in undersupplied housing markets, including Atlanta, Birmingham, Huntsville, Charlotte, Jacksonville, Tampa, Orlando, Miami, Indianapolis, Dallas, Houston and Oklahoma City.
In addition, Rockpoint and Resibuilt Homes, a subsidiary of RESICAP, are expanding their initial $1.0 billion venture which first launched in December 2020, with a follow-on $2.0 billion venture focusing on the build-to-rent (BTR) strategy. The BTR venture is currently developing over 2,000 homes in the Southeast, with a pipeline of future projects in Atlanta, Charlotte, Raleigh, Greenville, Nashville, Orlando, Tampa, and Jacksonville. Resibuilt will perform both the subdivision development and new home construction for the venture, and with a current pipeline slated to add over 9,000 new homes, will become one of the region's largest homebuilders. This venture is expected to meaningfully expand the opportunity for residents seeking quality rental homes in undersupplied communities.
"We truly value Rockpoint's partnership, investment discipline and strategic vision at a time when demand for single-family rentals has never been greater," said Lance Popp, RESICAP co-CEO.
"The expansion of our partnership with RESICAP and Resibuilt underscores our belief that single-family rental housing is an attractive core real estate holding for institutional investors, particularly given the strong supply/demand dynamics and favorable secular trends in residential housing today," explained Jason Chiverton, Senior Managing Director at Rockpoint Group. He added, "We are thrilled to work alongside the RESICAP team to create quality homes in these demand-driven markets."
RESICAP has strategically developed experienced and dedicated teams within each market, including its Atlanta-based headquarters. "We have spent years building what we think is one of the most talented management teams in the SFR space," said Andy Capps, RESICAP co-CEO, "and our focus is now shifting to building partnerships with local vendors who share our vision and who are dedicated to delivering best-in-class rental homes."
RESICAP was rated a Top Workplace by the AJC for two years in a row and currently has over 50 positions available across all markets. For career opportunities, visit resicap.com.
ABOUT RESICAP
RESICAP is the leading vertically integrated solution for institutional owners of single-family residential assets in the United States. Primary services include acquisition and valuation, construction, maintenance, property preservation, leasing, property management, and dispositions. To learn more about RESICAP, visit resicap.com.
ABOUT ROCKPOINT
Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint's co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 447 transactions with a total peak capitalization of approximately $67 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit www.rockpoint.com.
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SOURCE Rockpoint Group
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