Trending...
- Boston: Mayor Wu Announces Applications Open for Spooky Streets Grant
- SmartBear to Host Virtual and Worldwide Events
- Major Release of Veeva Site Connect Streamlines Clinical Trial Execution for Sites and Sponsors
CHARLESTON, S.C. - BostonChron -- Material Capital Partners ("MCP"), a vertically integrated real estate development and investment management firm headquartered in Charleston, SC, is pleased to announce the acquisition of The Preserve at Sweetwater. The 89 home build-for-rent community development in North Augusta, SC was acquired by MCP's joint venture investment partner, a venture between MORE Residential ("MORE"), a Plano, TX-based rental housing owner and operator, and San Francisco-based investment firm, Stockbridge. The Preserve at Sweetwater will be rebranded under MORE's Covey Homes brand of single-family build-for-rent communities.
The Preserve at Sweetwater is a Class-A rental community offering residents upscale 2 and 3-bedroom cottages and townhomes with attached garages, and an array of amenities, including a premium fitness center, game lawn and oversized pet park. The community is located near the intersection of I-20 and I-520, just minutes from downtown Augusta, GA. The community was built by MCP's dedicated construction firm Winchester Commercial Group.
The Augusta metropolitan area has grown significantly over the past five years. The presence of major employers such as the US Army Cyber Command at Fort Gordon, Bridgestone, and Rolls-Royce are creating strong demand for rental housing.
"North Augusta is experiencing strong growth from renter demand," said Joel Presley, MCP Partner and Augusta resident for 30 years. "It has a well-deserved reputation for quality of life. Located between Aiken and Augusta, the city benefits from wonderful amenities and new jobs combined with low cost of living and low cost of housing."
More on Boston Chron
The acquisition of The Preserve at Sweetwater is a significant milestone for MCP and its pipeline of build-for-rent projects under development throughout the Southeast.
"We are pleased to announce the acquisition of The Preserve at Sweetwater by MORE Residential and Stockbridge," said Alex Chalmers, Managing Partner of MCP. "This community is a great example of our ability to identify, develop and deliver high-quality build-for-rent communities in growing markets throughout the Southeast that are attractive to institutional buyers.
For more information about The Preserve at Sweetwater, Material Capital Partners, or any of MCP's other build-to-rent projects, please contact hello@materialcapitalpartners.com.
About Material Capital Partners
Material Capital Partners LLC ("MCP") is a real estate development and investment management firm based in Charleston, SC focused on purpose-built single-family build-for-rent communities throughout the Southeast. Our communities of single-family rental homes combine the welcoming feel of a desirable neighborhood with the flexibility and ease of maintenance-free living, premium Class-A amenities and experienced property management. For more information, visit www.materialcapitalpartners.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. For more information, visit www.moreresidential.com.
More on Boston Chron
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 $33.8 billion of assets under management (as of June 30, 2023) 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. For more information, visit www.stockbridge.com.
The Preserve at Sweetwater is a Class-A rental community offering residents upscale 2 and 3-bedroom cottages and townhomes with attached garages, and an array of amenities, including a premium fitness center, game lawn and oversized pet park. The community is located near the intersection of I-20 and I-520, just minutes from downtown Augusta, GA. The community was built by MCP's dedicated construction firm Winchester Commercial Group.
The Augusta metropolitan area has grown significantly over the past five years. The presence of major employers such as the US Army Cyber Command at Fort Gordon, Bridgestone, and Rolls-Royce are creating strong demand for rental housing.
"North Augusta is experiencing strong growth from renter demand," said Joel Presley, MCP Partner and Augusta resident for 30 years. "It has a well-deserved reputation for quality of life. Located between Aiken and Augusta, the city benefits from wonderful amenities and new jobs combined with low cost of living and low cost of housing."
More on Boston Chron
- Anna DeVeaux and Bejan Mahmud Married in Boston
- Max Medeiros And Po-Hua Yi Married In Boston
- Vimaan Named in the Gartner® Hype Cycle™ Reports, 2024 for Autonomous Data Collection and Inspection
- Vantiva Unveils ONYX, its latest Smart Media Device with Advanced AI Capabilities at IBC 2024
- Boston Institute of Biotechnology & BiBo Pharma CEO Wins 2024 Global Biologics CDMO Technology Leadership Award
The acquisition of The Preserve at Sweetwater is a significant milestone for MCP and its pipeline of build-for-rent projects under development throughout the Southeast.
"We are pleased to announce the acquisition of The Preserve at Sweetwater by MORE Residential and Stockbridge," said Alex Chalmers, Managing Partner of MCP. "This community is a great example of our ability to identify, develop and deliver high-quality build-for-rent communities in growing markets throughout the Southeast that are attractive to institutional buyers.
For more information about The Preserve at Sweetwater, Material Capital Partners, or any of MCP's other build-to-rent projects, please contact hello@materialcapitalpartners.com.
About Material Capital Partners
Material Capital Partners LLC ("MCP") is a real estate development and investment management firm based in Charleston, SC focused on purpose-built single-family build-for-rent communities throughout the Southeast. Our communities of single-family rental homes combine the welcoming feel of a desirable neighborhood with the flexibility and ease of maintenance-free living, premium Class-A amenities and experienced property management. For more information, visit www.materialcapitalpartners.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. For more information, visit www.moreresidential.com.
More on Boston Chron
- Soaking Up the Summer Sun this August
- Aortem, Backed by Venturseed, Transforms Mobile and Gaming Development with an Open Source Platform and Expanding Developer Tools
- NRx Pharmaceuticals NRXP: Prominently Featured in Psychiatrist.com; Article Titled "How NRx Could Upend the Fight Against Depression and Suicide"
- Hollywood In Pixels, Inc. Announces the 7th Silver Pixel Awards
- Boston Globe Media Launches B-Side Sports with Strategic Partnership alongside Shadow Lion
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 $33.8 billion of assets under management (as of June 30, 2023) 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. For more information, visit www.stockbridge.com.
Source: Material Capital Partners LLC
Filed Under: Business
0 Comments
Latest on Boston Chron
- Empowering Educators with AI: Goosechase and DIGITAL Partner for the Future of Interactive Experiences
- Join Us at the 136th Canton Fair from October 15th to 19th, 2024!
- Legendary Aviation Coffee Company Celebrates 2100% Growth with Exceptional Single-Origin Air-Roasted Coffee
- General Vincent Brooks (RET) Joins BEYA Stars and Stripes Committee as a Founder, Following 20 Years of Service by General Johnnie Wilson (RET)
- SafeTea Launches App to Safeguard Women
- Immigrant Artists Explore Cultural, Historical and Social Experiences in "Unlocked Identities" Exhibition
- Celebrate Grandparents Day with For the Grandchildren, Volume I – A Heartfelt Collection of Elder Wisdom and Life Lessons
- AdvisorVault's 17a-4 Managed 365 Service: Finally, Guaranteed FINRA Compliance On The Microsoft Cloud
- College Campus Safety: The Importance of Self Defense Keychains for Women
- Energies Media: Unifying Insights Across the Energy Spectrum
- CCHR Seeks Redress for Those Forcibly Held and Harmed in Behavioral Facilities
- Global Learning Charter Public School Implementing No-Phone Policy
- DocVilla Introduces Best All-in-One Customizable Cloud-Based EHR Practice Management Software for Multi-Specialty and Small Practices
- Life with Lucia and Glynn: A Global Duo Spreading Joy Through Matching Shirts and Adventures
- From Adult Basic Education to College: Scholarships Awarded to Deserving Adult Learners in Boston
- Luxury Real Estate Agent James Edmunds lists luxury beach home in the heart of Deerfield Beach
- Sycamore Hills Dentistry Welcomes the Yomi Robot: The Future of Dental Implant Surgery
- From ABE to College: Scholarships Awarded to Deserving Adult Learners in Boston
- MGN Logistics, Inc. and Arvo A.I. Ltd Forge Game-Changing Partnership to Supercharge Freight Management!
- Estu, a Digital Banking Service App, Now Available for Boston Students