RangeWater Continues to Grow Its Build-to-Rent Portfolio

RangeWater Real Estate continued to expand its build-to-rent (BTR) portfolio last week after closing on 17 acres in Charleston, S.C., its first step into that market as part of its Storia brand.

The Atlanta-based operator said it will break ground in August and first move-ins are expected in October 2023. Today, BTR is more than 15 percent of RangeWater’s overall portfolio. 

Its Storia brand launched almost two years ago when the company announced it would deploy $800 million dollars over the next 18 months with plans to build approximately 15 Storia communities in Sun Belt metros where RangeWater operates.

Chase Davidson, manager of build-for-rent within the Capital Markets group at RangeWater, tells GlobeSt.com that RangeWater is focused on high-growth Sun Belt markets, including Tampa, Charlotte and Dallas, where it has an existing development or property management presence.

With more than 86,000 units under management, including 14,378 BTR units and another 2,500 BTR units in the development pipeline, “RangeWater has built a footprint that provides key insights into Storia’s target demographic,” Davidson said. “We remain focused on locations within driving distance of employment hubs and with strong population growth, good schools and robust household incomes.”

Atlanta BTR Lease-Up Outpacing Expectations

Davidson said that lease-up performance at RangeWater’s active Atlanta BTR projects has been strong, with demand and rents outpacing expectations. 

“The appeal of build-to-rent homes is broad,” Davidson said. “They give people more space in the work-from-home-era and combine the convenience of a professionally managed property with amenities like dog parks, pools and grilling stations. 

“At some of our BTR communities, people may even have private garages or yards, which is great if they have kids or pets. We’re finding it’s not just younger or older generations who are flocking to single-family rental homes and communities – we see that it’s a great fit for new families, combined families, empty nesters and people who want to try out an area before they buy.

Plenty of Space in BTR Communities

He said that one thing many BTR communities have in common is the need for more space, which means the majority of them, or about 61 percent, are located in suburbs.

For Charleston, the multifamily developer is planning an all 3-bedroom, 2-bath community of townhomes called Bellerose at Bees Ferry, a Storia neighborhood. 

The homes will have one-car garages, 9-foot ceilings, gourmet kitchens with top-end appliances and stone countertops. The community will feature an open-air club house, pool, firepits and planned events to delight residents. 

“Charleston is one of our favorite places to develop because of the lifestyle and economic opportunity here,” Steven Shores, Chairman and CEO of RangeWater said in prepared remarks.

“Residents are attracted to the beautiful beaches and waterways of this area, as well as Charleston’s historic charm and plentiful jobs. We’re proud to bring a Storia neighborhood to best serve this demographic.”

Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio.