Rockpoint Group formed a joint venture with Resicap to acquire, renovate and lease single-family rental homes in suburban neighborhoods in the southeast U.S., Florida and Texas. The venture will expand Rockpoint’s exposure in the single-family rental sector to include a more diversified offering or price points and markets.
Rockpoint Group, a global real estate investment management firm, today announced it has formed an exclusive $250 million joint venture with Resicap, a leading owner and operator of single-family rental homes based in Atlanta, GA. Resicap’s fully integrated real estate platform provides expertise in the acquisition, construction and property management of high-quality rental homes with operations in 34 states and 59 markets. Together, Rockpoint and Resicap expect to acquire, renovate, and lease 4,500-5,000 high-quality single-family rental homes at price points affordable to residents of established suburban neighborhoods in the Southeast U.S., Florida, and Texas.
The Resicap venture will expand Rockpoint’s footprint in the single-family rental sector to include a more diversified offering of price points and markets, complementary with Rockpoint’s recently announced $375 million joint venture with Dallas-based Invitation Homes, Inc. (NYSE: INVH). With the Resicap venture, Rockpoint expects to become a leading investor in the single-family rental home arena.
Rockpoint co-founder Bill Walton said, “This joint venture is a natural extension of our 26-year history of providing high-quality rental housing in demand-driven markets throughout the United States. We are pleased to partner with Resicap, a leading owner and operator in the single-family rental space.” Rockpoint Managing Member Tom Gilbane added, “We believe that single family rental housing will become a core asset class going forward for many institutional real-estate investors.”
Resicap co-founder Lance Popp commented, “We are delighted to be joining forces with Rockpoint Group, a globally recognized real estate investor and manager who shares our commitment to the residential rental space.” Co-founder Andy Capps added, “We look forward to scaling our portfolio, utilizing our successful platform and Rockpoint’s expertise to provide an exceptional tenant experience.”
Margaret Whelan of Whelan Advisory Group exclusively advised the parties on the venture.
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About Rockpoint Group, L.L.C.
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 424 transactions with a total peak capitalization of approximately $62 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit www.rockpoint.com.
RESICAP is the leading vertically integrated solution for institutional owners of single-family residential assets in the United States. Primary services include acquisition and valuation, construction, maintenance, property preservation, leasing, property management, and dispositions. To learn more about RESICAP, visit www.resicap.com.
About Whelan Advisory Group
Whelan Advisory is a boutique investment bank offering capital raising, merger and acquisition advice to homebuilder and construction company clients. Whelan’s relationship-based business model is unique in that every engagement benefits from active and dedicated participation by its senior advisors. To learn more about Whelan Advisory Group, visit www.whelanadvisoryllc.com.