JP Morgan Asset Management, in partnership with Georgia Capital and Paran Homes, has launched a new build-to-rent development company called Laseter. The company will focus on building single-family rentals in high-demand areas across the Southeast. JP Morgan Asset Management's institutional investors and Georgia Capital and Paran Homes each own a 50% stake in Laseter.
Laseter will leverage its in-house land development and home building expertise to build. the homes, as well as provide third-party general contracting services to other BTR developers. The company’s first two developments will be in the suburbs of Atlanta, GA, and Nashville, TN, with a total of 291 homes.
JP Morgan Asset Management's Chad Tredway said the new company is part of the firm’s strategic focus on the BTR asset class. He also noted that the demand for single-family rentals is being driven by demographic shifts and job growth in the Sunbelt. Tredway said the company is seeing increased demand from Millennials who are seeking more space but are priced out of the for-sale market. “With Millennials seeking more space and housing prices at record highs, many are turning to rentals, fueling the growth of this sector,” said Tredway.
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Laseter’s CEO, Whit Marshall, said the company is focused on providing housing alternatives in the Southeast. He also highlighted the company’s ability to leverage JP Morgan’s scale and investing perspective. “We are big believers in the need for housing alternatives in this country. The institutional world and the production homebuilding world are very different. We believe that the combination of our land development and production homebuilding expertise with J.P. Morgan’s scale and investing perspective positions us to be at the forefront of this unique opportunity in the early stages of this new real estate sector,” said Marshall.
Georgia Capital and Paran Homes first entered the BTR space in 2020. The company has since built a portfolio of 10 BTR developments and executed three forward sale transactions. Georgia Capital and Paran Homes have also built more than 3,000 single-family homes and developed, sold, or financed more than 6,000 residential lots. JP Morgan Asset Management currently owns a $2 billion portfolio of single-family rentals, with a total of 65 communities and more than 6,000 homes.
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