Three-year Multi-state Agreement with SVN | SFR Capital Fund I, LP Brings Powerful Progress Residential® Platform to Purpose-Built Build-for-Rent Communities
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–PR3 Management by Progress Residential® (PR3), a national single-family rental property management provider, today announced it has signed a three-year multi-state property management agreement with SVN | SFR Capital Fund I, LP (the “Fund”) to manage approximately 4,000 single-family homes in new, Build-for-Rent (BFR) communities across multiple states. The first homes are expected to deliver in August 2020 in a BFR community in the Dallas/Fort Worth, TX area.
PR3 Management is an expanding third-party property management platform of Progress Residential®, a recognized leader in the single-family rental (SFR) industry one of the fastest-growing commercial real estate classes. Progress Residential® operates a portfolio of nearly 40,000 homes in 19 major markets across the US.
“Our clients have access to the same business intelligence, technology-enabled logistics platform, and data-driven services that are revolutionizing the SFR industry and making Progress Residential® one of the true innovators in the space,” said Scott Baad, executive vice president and Head of PR3 Management. “We are pleased to partner with the Fund and expect to create significant value by providing the people, services, and technology needed to fully manage BFR communities comprised of hundreds of homes while delivering a great rental experience to residents from day one. We look forward to leveraging the Progress Residential® platform to serve as a partner of choice to support the growing consumer-driven demand for single-family home rentals.”
PR3 Management will provide comprehensive services to the Fund including marketing and leasing, pricing and revenue management, ongoing and preventive maintenance, make-readies and turns, ancillary services, customer care, HOA management, and accounting and reporting.
“We’ve optimized our platform to include self-guided tours, mobile service fleets, outstanding customer care, customized reporting, and more; and we’ll continue to innovate to deliver a higher level of service and performance,” concluded Mr. Baad.
The 4,000 homes are part of SVN | SFR Capital Fund I, LP. The Fund’s strategy is to provide large-scale investors access to institutional quality portfolio investments in purpose-built BFR rental communities in markets that include Jacksonville, Orlando, Las Vegas, Atlanta, Dallas, Carolina’s, Salt Lake City and Phoenix.
About SVN | SFR Capital Fund I, LP
SVN | SFR Capital Fund I, LP is a private, commercial real estate investment fund dedicated to the Build-for-Rent asset class. The $1-billion, institutional grade aggregation fund is based in New York City, NY and Phoenix, AZ. SVN International Corp. (SVNIC), a globally recognized Boston-based full-service CRE advisory firm, is an affiliated company to the General Partner. The Fund is advised by Gotham Capital Advisors, a Registered Investment Advisor with the U.S. Securities and Exchange Commission (SEC) pursuant to the provision of the Investment Advisors Act of 1940, as amended. The Fund will aggregate approximately 4,000 new construction BFR homes as well some value-add existing asset SFR portfolios to roll up into a large-scale commercial real estate portfolio for disposition. For more information visit www.svnsfrcapitalfund.com, call 602.466.1381 or email SFRCapitalFund@svn.com.
PR3 Management by Progress Residential® is a market leader in intelligent single-family rental management services with the people, technology, scale, and data-driven solutions that streamline operations and optimize asset performance. Powered by Progress Residential®, a recognized leader in the single-family rental (SFR) industry with nearly 40,000 homes in 19 markets, PR3’s clients have access to the business intelligence, strategic services, smart tech, and logistics platform originated and optimized by Progress® the same platform that is revolutionizing the SFR space. Currently PR3 has a presence in Atlanta, Charlotte, Dallas, Houston, Indianapolis, Jacksonville, Las Vegas, Memphis, Miami, Nashville, North new Jersey, Orlando, Phoenix, Raleigh, Sarasota, South New Jersey/Philadelphia, Tampa and Tucson. For more information about PR3, visit www.rentprogress.com or contact firstname.lastname@example.org.
Jonathan Gasthalter/Carissa Felger
Gasthalter & Co.