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Transcendent Electra to Add Nearly 3,500 Build-to-Rent Homes to Portfolio



The Sun Belt portfolio of single-family homes and townhomes is expected to be delivered by the end of 2022.


Transcendent Electra, a joint venture between single-family rental platform Transcendent Investment Management and longtime multifamily owner/operator Electra America, will add nearly 3,500 new single-family homes and townhomes to its portfolio through a more than $1.25 billion transaction.

The joint venture is acquiring the homes from an undisclosed corporate seller. The first phase includes new-construction communities with 1,424 single-family homes and townhomes in Atlanta and Athens, Georgia; Tampa, Florida; and Pinehurst, North Carolina. These transactions top $504 million.

More than 2,000 additional units totaling $750 million will follow in Florida, Georgia, South Carolina, and Texas. The entire portfolio is expected to be delivered by the end of this year, according to the joint venture.

Transcendent Electra’s investment platform plans to acquire or develop approximately $3 billion in single-family rental housing over the next three years, with a focus on new- build homes in the $175,000 to $300,000 range with average monthly rents between $1,500 and $2,800.

“The demand for single-family rentals is unprecedented,” said Jordan Kavana, CEO of Transcendent Electra. “Our goal is to not only meet that demand, but to develop a housing model that embodies good health and well-being for our residents through amenities in the communities and the materials utilized in the construction of the homes.”

Last year, the joint venture took delivery of 1,889 new single-family homes throughout the Sun Belt. It currently owns all of the homes, which are in various stages of lease-up and stabilization, as part of its larger portfolio.

“Electra America is proud to continue to fuel the growth of Transcendent Electra in its path to becoming a premier owner and operator of Class A rental housing throughout the Sun Belt,” said Joe Lubeck, chairman of Electra America. “Each of the communities will have extraordinary architecture along with being highly amenitized, which will provide an unparalleled experience for our residents.”

 

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