Real estate investment management firm Haven Realty Capital (Haven) has closed on the first phase of a $17.5 million acquisition of Dartford Townhomes, a 57-unit build-to-rent community located in the Nashville suburb, Spring Hill. Haven expects to acquire the remaining homes in phases over the next eight months.
Each of the 1,680-square-foot two-story townhomes will include three bedrooms, two-and-a-half baths, private rear-yard and patio, and an enclosed one-car garage. The modern kitchen design includes stainless steel appliances, granite counter tops, walk-in pantry and peninsula bar. The large 250-square-foot master bedroom features an en-suite bathroom and two walk-in closets.
“The Dartford Townhomes will provide additional housing options for individuals and families looking to rent a home with a larger floor plan,” said Haven Realty Capital CEO and founder Sudha Reddy. “Unlike apartments which typically have smaller floor plans, homes in a build-to-rent community offer renters larger living spaces and extra storage which many apartment buildings simply can’t offer.”
Spring Hill, is a suburban community located 30 miles south of Nashville, one of the fastest growing cities in the U.S. Drawn by a young and educated workforce (with 30 higher learning institutions including Vanderbilt and Tennessee State University), quality of life and low-cost of living, many major corporations including Amazon, Alliance Bernstein and Mitsubishi Motors have established a significant presence or relocated its corporate headquarters to Nashville. Other companies such as FedEx and Western Express continue to expand their operations in the MSA. The city’s population growth has been made up of younger individuals and growing families. Forty seven percent of Nashville population is under the age of 35, ranking it as one of the youngest cities in the country, according to MoneyTalks.
“This is a demographic that is a renter by choice, not necessity. We have found that the SFR sector has increasingly attracted individuals and families that prefer renting over homeownership,” added Reddy.
Since 2019, Haven, one of the most active SFR investors in the country, has approximately $850 million of BTR projects in various stages of development, construction and stabilization. This represents 27 BTR communities in eight states representing approximately 3,000 homes. Haven typically forms partnerships with builders at various phases of development to eventually acquire and professionally manage the entire community.