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The Portfolio, which is currently 46% complete / 45% leased (99% of delivered units), is experiencing a rapid lease-up with increasing rental rates as units continue to deliver. Roughly 72% of units are scheduled to be completed by Q3 2022, with the remaining units to deliver in 2023. On site, current ownership is experiencing extremely robust lease-up campaigns, often with tenant wait lists for to be delivered units. Featuring luxuriously appointed three- and four-bedroom floor plans averaging 1,840 SF square feet (across all units), the Eagle Portfolio communities provide residents with a lifestyle that is unmatched across all of Metro Charlotte/DFW.
IMMEDIATE SCALE & FUTURE OPPORTUNITIES
• The Portfolio provides investors immediate scale of >500 newly built rental homes. As investors have moved more broadly into the build to rent sector, opportunities to aggregate scale have become more difficult. Many investors struggle with the slow ramp-up to sufficient deployment of capital in a highly granular sector.
HIGH QUALITY SUBMARKET LOCATIONS
• The Portfolio’s submarkets are all well situated in high growth suburban locations with increasing barriers to new supply and enjoy access to transportation corridors, employment nodes and strong school districts.
• Few opportunities exist in the build to rent space with broad, geographically diversified portfolios. The Portfolio provides investors with the opportunity to invest in high growth, business-friendly locations with favorable economic growth, strong demographic tailwinds and outsized rent growth potential.
IDEAL TIME TO INVEST IN BTR
• The pandemic has accelerated urban to suburban migration patterns with renters seeking less dense living spaces (TX assets avg. 1,820 SF / NC assets avg. 1,857 SF)
• Down payments have become far more challenging for first-time homebuyers with current housing market prices skyrocketing.