Covey Homes by MORE Acquires New Rental Home Community in Athens, GA

Cottages at Lexington joins Covey Homes family

PLANO, Texas, Feb. 8, 2023 /PRNewswire/ -- Covey Homes by MORE announced today that it has acquired Cottages at Lexington, a newly built residential community in Athens, GA. The 200-home single-family rental community is now Covey Homes Lexington.

Construction on the charming, gated neighborhood of single-story, ranch-style homes concluded in January 2023. Richly landscaped and conveniently located near Athens' Southeast Clarke Park and a variety of restaurants, entertainment and shopping options, Covey Homes Lexington also has an expansive clubhouse, fitness center, swimming pool and dog park.

"This community is an ideal fit for Covey Homes by MORE,'' said Mark Alfieri, CEO of MORE Residential, which owns and operates the Covey Homes brand along with its financial partner Stockbridge. "With its superb location and the quality of design, construction and amenities, Covey Homes Lexington offers the type of unique home-rental experience that defines the Covey Homes by MORE brand.''

With the acquisition, Covey Homes by MORE now owns and manages 10 communities in the Southeast, offering an unparalleled single-family rental home experience at an accessible price relative to home ownership.

Each community offers a tech-enabled lifestyle, beginning even before move-in with self-guided tours of homes with the upcoming addition of easy-to-use smart-home capabilities. Communities consist of 50 or more homes with modern finishes and high-quality amenities.  Learn more at CoveyHomesbyMORE.com

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.

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 $33.7 billion of assets under management (as of September 30, 2022) across its two primary business lines, spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago.

SOURCE Covey Homes by MORE Residential