AH4R opens additional SFR communities in JV project with J.P. Morgan Global Alternatives
American Homes 4 Rent (AH4R) has completed Brentwood in Mooresville, N.C., and Westbrook Lake in Cumming, Ga., which are the sixth and seventh newly built single-family rental home communities in its joint venture with J.P. Morgan Global Alternatives.
Brentwood and Westbrook Lake will have 329 homes combined and are American Homes 4 Rent’s 68th and 69th newly built rental home communities to open nationally.
In early 2020, J.P. Morgan Global Alternatives, on behalf of institutional investors, and American Homes 4 Rent announced plans to deploy $625 million of equity and develop approximately 2,500 single-family rental homes in high-growth markets across the Southeast and West.
“We remain positive on the outlook for demand for built-for-rent single-family homes, as many city dwellers continue to seek additional space and the amenities that come with newly constructed communities like those at Brentwood and Westbrook Lake,” said Mike Kelly, head of real esta