Covey Homes by MORE Acquires New Rental Community near Savannah

MORE Residential now owns more than 5,000 purpose-built rental homes

PLANO, Texas, Dec. 23, 2024 /PRNewswire/ -- Covey Homes by MORE announced today that it has acquired a new purpose-built single-family home rental community in the suburbs of Savannah, Covey Homes New Hampstead.

The Pooler, GA community, currently called Cottages at New Hampstead, was completed in November 2024 and has 327 ranch-style townhomes, each with yard space and an attached garage. The two- and three-bedroom homes include granite kitchen countertops and stainless-steel appliances. Community amenities include a clubhouse and pool, fitness center and dog park.

With this acquisition, Covey Homes by MORE owns and operates more than 5,000 homes across 32 newly built rental communities, mostly in the Sunbelt. The acquisition of Covey Homes New Hampstead keeps with Covey Homes' focus on owning and operating newly built rental communities designed to provide a range of housing solutions to help this nation's housing supply shortage.

"We have seen no slowdown in demand for this type of unique and highly desirable home-rental experience,'' said Mark Alfieri, CEO of MORE Residential, which owns and operates the Covey Homes by MORE brand. "Customers are embracing the lifestyle afforded by these communities. Like our other communities, the homes at New Hampstead increase the nation's housing supply, and we intend to continue providing a market for developers building new homes for rent.''

MORE Residential unveiled the Covey Homes brand in 2023 as part of its joint venture with Stockbridge, the San Francisco-based investment firm. MORE Residential is led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. Stockbridge MORE Communities is focused on owning and operating newly built single-family rental communities in high-growth U.S. markets and maintains gross purchasing power of over $4 billion.

For more information, visit CoveyHomesbyMORE.com

About MORE Residential

MORE Residential was formed by the senior management team behind the former publicly traded REIT, Monogram Residential, which created a residential portfolio exceeding $4.5 billion in total value that eventually sold to an institutional investor consortium in 2017. The MORE management team averages 30+ years of real estate industry experience and has extensive expertise working with institutional investors and development sponsors to invest capital through structures that maximize opportunities at various stages in the investment life cycle. MORE's focus is on residential rentals spanning lower-density single-family rental (SFR) and build-to-rent (BTR) communities to traditional high-density multifamily properties across U.S. markets.

About Stockbridge

Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.9 billion of assets under management (as of September 30, 2024) spanning all major real estate property types, and certain specialty property types, with an emphasis on residential and industrial space throughout the United States.

SOURCE Covey Homes by MORE Residential