SVN | SFR Capital Management and Linesight Development Form Joint Venture to Develop a National Portfolio of Build for Rent Communities
SVN | SFR Capital Management ("SVN | SFR"), today announced the formation of a joint venture with Linesight Development LLC ("Linesight") to pursue opportunities to acquire land and construct, lease and manage a portfolio of new Build for Rent ("BFR") single-family rental housing communities. Drawing upon each partner's industry expertise and proven success, the JV will give Linesight the ability to build out a community pipeline at an accelerated pace and recycle development capital more efficiently to acquire more land and deliver more homes to targeted markets with supply and demand challenges.
Currently, the JV is in development of its first mixed-use community project in the high-demand Dallas metro area where residents will have the option to rent either single-family detached or attached townhome properties.
Linesight brings a broad level of development expertise across multiple commercial and residential disciplines with in-house architectural, engineering, horizontal and vertical construction expertise. Linesight's experience in land acquisition, development and construction offers the ability to move on land opportunities quickly, ensuring a significant BFR pipeline year-over-year across multiple states. SVN | SFR will acquire the homes at certificate of occupancy and will lease, manage and operate communities on behalf of the JV. The JV will collectively provide 1,000+ BFR homes annually with a valuation of approximately $1.5+ billion over the initial five years.
"Our partnership with Linesight is a strategic step forward in the BFR marketplace as it offers tremendous opportunity to scale, enhance and leverage each of our company's unique skillsets to optimize communities for the residents and increase profitability for our equity partners," said Jeff Cline, CEO of SVN | SFR Capital Management. "With Linesight's national and international reach, the JV's ability to develop, build and operate in multiple states and more quickly help fulfill growing demand for housing across the U.S. is possible."
According to David Rey, Managing Partner of Linesight, "The first JV development project near Dallas is moving forward and its proximity to jobs, retail and entertainment make it an ideal community for young families and mid-tier professionals who either prefer to rent and or may be priced out of the home buying market due to rising rates and significant price appreciation over the last two years."
The JV will work side-by-side throughout the development process with its best-in-breed service providers to maximize efficiencies and cash flow for each community. Partners SVN | SFR currently works with include PR3 Management, third-party property management, Elevation, smart home and solar technology, and SFRhub.com, a proprietary data, research and Build for Rent optimization platform.
Linesight is a team of licensed architects and engineers with 35+ years of experience in designing and managing real estate development projects across various asset classes. Leveraging this background allows them to efficiently source new development opportunities while streamlining the entitlement, design, and construction processes. Linesight's success grows from an interdisciplinary approach to creativity and problem-solving that enables the full potential of every project to be realized. Linesight is centrally located in Dallas, Texas. For more information, visit https://www.linesightdevco.com.
About SVN | SFR Capital Management
SVN | SFR Capital Management, ("SVN | SFR"), based in New York, NY, is a private, commercial real estate investment firm dedicated to investment in the Build for Rent ("BFR") asset class across the U.S. SVN International Corp. ("SVNIC"), a globally recognized, Boston-based, full-service CRE advisory firm, is an affiliated entity. SVN | SFR intends to aggregate approximately 35,000+ new construction BFR homes in the near-term through an initial allocation of several billion in equity and debt capital from institutional investors, to aggregate into a large-scale commercial real estate portfolio for eventual disposition. For more information, call 602.466.1381 or email [email protected].