Institutional investors under advisement from J.P. Morgan Asset Management have secured a $176 million credit facility for seven single-family rental communities in Georgia.
The exact terms of the loan are unclear but the portfolio covers 709 homes and a total of 1.4 million square feet of rentable space. Options include a mix of three-to-five-bedroom units. All of which, are located in various Atlanta suburban areas and within a 55-mile drive of the metro's central business district. The portfolio can be found in the following Atlanta areas: Cartersville, Hoschton, Dallas, Jefferson, McDonough, and Loganville.
The loan was arranged by Walker & Dunlop, which also served as the broker in 2021 when the owners originally acquired the assets. Brookfield Asset Management’s real estate credit unit provided the financing for the credit facility.
“The demand for single-family rental product, specifically in Atlanta’s surrounding suburbs, has experienced significant growth in recent years, driven by a combination of population influx, job creation, and a strong local economy,” Jonathan Schwartz, senior managing director and co-head of New York Capital Markets, said in a statement.
“We are pleased to be a part of this project, which will serve as the springboard for further single-family-rental development by this best-in-class partnership.”
With homes becoming less affordable for many consumers, some turn to the build-to-rent sector as a cheaper alternative. Most importantly, it's set for exansion. A recent report from Point2Homes finds that Georgia is expected to grow its SFR inventory by at least 50 percent — which puts it among the top five states in terms of the upcoming pipeline.