Real Estate Equity – US Single-Family Rentals

The US Single Family Rentals Strategy (the ‘Strategy’) focuses on direct real estate in the single-family rental market (‘SFR’) across select metropolitan areas in the US. The focus is on stable rental income and long term capital gain potential.

  • In our view, the SFR market offers attractive relative value vs. other real estate sectors in the US and other residential markets globally
  • Strategy invests across several major cities with the intention of enhancing diversification and improving liquidity
  • Conservative risk positioning with moderate/no leverage
  • Established track record since 2012, across more than 4,000 homes

Approach

We focus on two sub-strategies: (1) core rental strategy whereby existing houses are acquired, refurbished and rented to tenants with rental income being the key driver of potential investment returns and (2) value-add development strategy where land is acquired, houses are built and then either sold to homeowners or rented seeking long-term income.

We target large cities with strong economic drivers and affordable housing (measured both as price-to-rent as well as price-to-average income). Within these cities, GPM’s micro-locations tend to be areas with good school rankings and strong employment. The cities in which GPM is active have been historically affordable to homeowners, in our view underpinning potential long term capital values.

We look to add value in the investment process through the selection of properties, oversight of refurbishment and rentals, lease renewals and in select cases “build to rent” where properties are built on acquired land. In asset sourcing, we focus on delivering new housing stock to the market by teaming up with nationwide and local homebuilders, as well as engaging in build-to-rent activities ourselves with the help of local operating partners.

The strategy is managed from GPM’s Charlotte, NC office, with regular property visits and active supervision of local, institutional-quality property managers.

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