Stockbridge MORE Communities adds more than 3,000 BTR homes in 2023

Joint venture sees further expansion of Covey Homes brand in 2024

PLANO, Texas, Jan. 18, 2024 /PRNewswire/ -- Stockbridge MORE Communities, owner and operator of newly built residential rental communities nationwide, announced today that it acquired six more communities in the fourth quarter of 2023, ending the year with a total of 26 communities and more than 4,000 homes.

Of the total, Stockbridge MORE acquired 17 communities – with more than 3,000 homes – during 2023. All of the communities, which are branded as Covey Homes, are newly built and feature high-quality amenities. The communities are in high- growth markets in Texas and the southeastern United States.

"We continue to see strong demand for the professionally managed home-rental experience provided by Covey Homes,'' said Mark Alfieri, CEO of MORE Residential. "These purpose-built rental neighborhoods provide a single-family alternative at an attainable all-in price point for consumers relative to homeownership, and we see a lot of room for growth in this asset class.''

Formed in 2021, Stockbridge MORE Communities is a joint venture between San Francisco-based investment firm Stockbridge and Plano, Texas-based MORE Residential, led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. The venture launched with more than $4 billion in purchasing power and maintains meaningful liquidity to continue adding new communities under Covey Homes.

Stockbridge MORE Communities generally acquires new communities of homes constructed specifically for the rental market and focuses on residential communities comprised of cottages, duplexes, townhomes and detached homes.

"This venture continues to fund the creation of additional rental housing across the United States" said Terry Fancher, Executive Managing Director of Stockbridge. "Despite a challenging economic environment in 2023, we saw consumers embracing the residential rental experience. We are fully committed to growing this business and expanding into additional housing solutions.''

Stockbridge MORE's Covey Homes communities offer a carefree and modern lifestyle, beginning even before move-in with self-guided tours of homes and after with easy-to-use smart-home capabilities. Covey Homes communities consist of 50 or more homes with modern finishes and high-quality amenities, such as clubhouses, fitness centers and swimming pools. The Covey Homes brand offers professional management and maintenance teams, all at an accessible price relative to home ownership.

About Stockbridge MORE Communities
Stockbridge MORE Communities was formed in June 2021 with a mandate to acquire purpose-built residential rental communities throughout the United States. The venture was formed by Stockbridge Capital Group, a real estate investment manager, and MORE Residential, an owner and operator of residential communities throughout the United States. Day-to-day management of the venture is led by MORE Residential, with Stockbridge contributing to overall investment strategy execution. Stockbridge MORE Communities maintains gross purchasing power of over $4 billion for build-to-rent communities throughout the United States.

About MORE Residential
MORE Residential was formed by the senior management team behind the former publicly traded REIT, Monogram Residential, which created a residential portfolio exceeding $4.5 billion in total value that eventually sold to an institutional investor consortium in 2017. The MORE management team averages 30+ years of real estate industry experience and has extensive expertise working with institutional investors and development sponsors to invest capital through structures that maximize opportunities at various stages in the investment life cycle. MORE's focus is on residential rentals spanning lower-density build-to-rent (BTR) communities to traditional high-density multifamily properties across U.S. markets.

About Stockbridge
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.1 billion of assets under management (as of September 30, 2023) spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago.

SOURCE Stockbridge MORE Communities