Crescent Communities and Pretium form $1b JV for single-family build-to-rent platform

Crescent Communities and Pretium today announced the formation of a joint venture to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. The first community will be located in the Charleston market and will be closely followed by communities in other cities throughout the Sun Belt.

Together, Crescent Communities and Pretium will leverage each organization’s respective experience and track record to establish new communities of differentiated, high-quality single-family homes for rent in attractive markets. The venture will have a competitive advantage through Crescent Communities’ affiliate relationship with homebuilders in the Sumitomo Forestry portfolio, which operates across the United States and collectively builds more than 10,000 homes annually. This affiliate relationship offers the venture strategic homebuilding delivery and increased sourcing opportunities that are expected to drive rapid growth for the platfor