Homebuilder Lennar has launched a $4 billion single family rental platform with lead investor Centerbridge, marking the latest entrant in the white-hot SFR market.
Dubbed Upward America Venture, the business will acquire single family homes for rent in high growth markets across the US. It will initially be capitalized with a total equity commitment of $1.25 billion led by Centerbridge together with Allianz Real Estate and other unnamed institutional investors. Including leverage, "the venture will be positioned to acquire over $4 billion of new single family homes and townhomes from Lennar and potentially other homebuilders," the company said in a statement.
The venture will also focus on making the "single family lifestyle available to a broader social and economic array of families" and will target median-income households.
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