Covey Homes Expands Presence with New Rental Community Acquisition in Tallahassee

Covey Homes Expands with New Community in Tallahassee



In a bold move to enhance its footprint in the single-family rental market, Covey Homes by MORE has officially acquired a newly constructed rental community located in Tallahassee, Florida. This strategic acquisition aims to meet the accelerating demand for quality housing in this rapidly growing region of the state.

Overview of the New Community



The newly acquired community, previously known as Claret Village at Lafayette Trail, will now be renamed Covey Homes Tallahassee. Completed in February 2025, this community comprises 182 single-story homes, designed with modern living in mind. Each residence is equipped with an attached garage and comes with its own private patio as well as a welcoming front porch. Homebuyers can choose from two- and three-bedroom options that feature energy-efficient stainless-steel appliances, convenient washer/dryer sets, and stylish designer lighting throughout.

In addition to the impressive homes, Covey Homes is planning to enhance the community amenities. Currently, there is a community pool and a covered patio, but upgrades will include the addition of a grilling station and expanded dining and seating areas by the pool, all aimed at fostering a vibrant community atmosphere.

Strategic Location



Situated on the east side of Tallahassee, the community is conveniently located just five miles from Florida's State Capitol and six miles from Florida State University, making it an attractive option for both professionals and students alike. The area's population growth has been robust over the last decade, and forecasts suggest this trend will continue, indicating a bright future for residential developments in the Tallahassee area.

Leadership Insights



Mark Alfieri, CEO of MORE Residential, commented on the acquisition: _"This community is a significant addition to the Covey Homes portfolio. Tallahassee is a dynamic, educated, and expanding community. Our rental homes provide options that have been in short supply in this market."_

With this acquisition, Covey Homes by MORE operates a total of 34 newly-constructed rental communities comprising over 5,000 homes, predominantly concentrated in the Sunbelt region of the United States. This strategic focus allows them to contribute towards addressing the nationwide housing shortage.

Expansion Plans and Investment Strategy



The Covey Homes brand was launched in 2023 as part of a partnership with Stockbridge, an investment firm based in San Francisco. This joint venture operates under the name Stockbridge MORE Communities and is led by a management team with comprehensive experience in real estate, previously overseeing a publicly traded real estate investment trust (REIT) until its sale in 2017. This robust experience provides a solid foundation to capitalize on the growing demand for single-family rental units amid changing housing trends in America.

Alex Lachman, Portfolio Manager at Stockbridge, emphasized the commitment to enhancing housing supply: _"Stockbridge is dedicated to offering top-notch, newly constructed for-rent housing solutions in burgeoning communities across the nation. We believe that build-to-rent communities play a pivotal role in expanding housing availability in the U.S."_

Conclusion



As Covey Homes by MORE continues to assert its presence in the housing market, the acquisition of the new rental community is not just a business expansion; it is a response to the evolving needs of families and individuals looking for quality rental options. Interested parties can find more information and explore what Covey Homes has to offer at their official website CoveyHomesbyMORE.com. As this community welcomes its first residents, it represents a promising addition to Tallahassee's growing housing landscape.

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