#United States #Savannah #Covey Homes #MORE Residential

Covey Homes by MORE Expands Its Rental Offerings

In a strategic move aimed at enhancing its presence in the real estate market, Covey Homes by MORE announced today the acquisition of a newly constructed rental community located in the suburbs of Savannah, Georgia. This community, previously known as Cottages at New Hampstead, boasts 327 ranch-style townhomes completed in November 2024. Each home features modern amenities—including granite countertops and stainless-steel appliances—ideal for family living.

A Closer Look at New Hampstead

The recently acquired New Hampstead community offers a variety of two- and three-bedroom layouts, all complemented by private yards and attached garages. Residents will also benefit from several onsite amenities designed to promote an active and engaging lifestyle. This includes a clubhouse, a refreshing pool, and a fitness center, along with a designated dog park catering to pet owners.

Mark Alfieri, the CEO of MORE Residential, emphasized the company's ongoing commitment to meeting the growing demand for quality rental homes. With this acquisition, Covey Homes by MORE now oversees more than 5,000 rental properties located across 32 communities primarily situated in the Sunbelt region of the United States.

Addressing Housing Supply Challenges

This expansion reflects Covey Homes' dedication to addressing the persistent housing supply shortages faced in many parts of the nation. As the demand for desirable rental communities rises, the introduction of such high-quality living spaces contributes to resolving these housing shortages and provides crucial options for potential tenants.

Alfieri further confirmed that there hasn't been a slowdown in interest for these unique rental experiences. “Customers are embracing the lifestyle afforded by these communities,” he noted. “Homes at New Hampstead not only enhance our portfolio but also serve to increase the nation’s overall housing supply.”

The Bigger Picture of MORE Residential

MORE Residential, founded by the former management team behind the now-defunct Monogram Residential, unveiled the Covey Homes brand in 2023 as part of a joint venture with Stockbridge, a prominent San Francisco-based investment firm. This partnership focuses on acquiring and managing newly constructed single-family rental communities in burgeoning U.S. markets.

Prior to the launch of Covey Homes, Monogram Residential managed to develop a significant portfolio that exceeded $4.5 billion in value before its sale in 2017. With over 30 years of combined experience in real estate, the MORE management team brings extensive knowledge and proficiency in working closely with institutional investors.

Stockbridge actively manages investments across a diverse range of property types and structures on behalf of both U.S. and international institutional investors. The firm has also demonstrated its strong capabilities in managing substantial real estate assets, with nearly $33.9 billion reportedly under management as of September 2024.

Conclusion

As Covey Homes by MORE continues to grow its footprint through strategic acquisitions, the new rental community near Savannah is a testament to their commitment to providing high-quality housing solutions that cater to the dynamic needs of today’s renters. Interested parties can learn more by visiting CoveyHomesbyMORE.com.