JLL Capital Markets announced that it has arranged the sale of a 375-home single-family rental portfolio across eight markets in Texas, Georgia and North Carolina.
JLL worked on behalf of the seller, Bridge Tower Partners.
“We are proud to consistently deliver strong returns for our investors while ensuring a high standard of living for our residents. This transaction underscores Bridge Tower’s continued commitment to building resilient communities and reinforces our position as a trusted leader in the single-family residential market,” commented Jackson Su, Bridge Tower’s Managing Partner.
The single-family rental portfolio represented an exceptional opportunity for the buyer to acquire immediate scale of high-quality homes with an average vintage of 2018. The portfolio featured well-maintained properties with an average configuration of 3.5 bedrooms and 2.3 bathrooms and an average home size of 1,773 square feet. Operating at 93.7% occupancy, the portfolio demonstrated strong performance and stabilized cash flow.
Situated in premier, fast-growing markets, the single-family rental portfolio benefited from strong demographic trends and market fundamentals. Texas continues to lead the nation in population growth, positioning the portfolio to capitalize on increasing demand for single-family rental housing. The properties featured pristine finishes, including granite countertops, stainless steel appliances, flat panel shaker style cabinets, wood plank flooring and open concept floor plans.
Current market conditions show significant tailwinds for the single-family rental sector, with current national homeownership costs 55% more expensive than renting driven by higher mortgage rates and elevated home prices.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Matthew Putterman, Directors Jim Humphries and Daniele Colbertaldo, Senior Director Casey Sherman and Analyst Rhett Robins.
“This single-family rental portfolio exemplified the quality and scale that institutional investors are seeking in today’s market,” said Putterman. “With strong in-place cash flows, upside potential and exposure to some of the nation’s fastest-growing markets, this portfolio represented an ideal platform for continued growth in the Texas SFR market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
