Transcendent Investment Management and Electra America have established a fund, Transcendent Electra, to acquire newly built, single-family rental homes in suburban neighborhoods in Florida, Georgia, Texas, North Carolina, South Carolina and Tennessee.
Both Transcendent Investment Management, a private equity firm focused on the housing market, and Electra America, a private equity firm specializing in the multifamily sector, have existing footprints in the Southern suburban markets. Jordan Kavana will serve as Transcendent Electra's CEO.
Electra Transcendent will target newly built homes, vacant at acquisition with builder guarantees, in the $175,000 to $300,000 price range. It is eyeing average rent between $1,500 to $2,300 per month. Transcendent Electra plans to acquire and develop 15,000 new single-family units over the next five years.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
