J.P. Morgan Asset Management has closed on its first joint venture project with American Homes 4 Rent.
The project, which officially closed at the end of April, will feature 34 single-family homes in the Sovana and Spring Valley areas of Las Vegas, comprising 12 three-bedroom homes and 22 four-bedroom homes. The first home deliveries are expected this June, and completion is anticipated by October 2020.
J.P. Morgan Asset Management, on behalf of institutional investors, and American Homes 4 Rent are seeking to deploy $625 million of equity and develop approximately 2,500 purpose-built single-family rental homes across multiple high-growth markets in the West and Southeast. As of March 31, 2020, American Homes 4 Rent owned 52,776 single-family properties in selected submarkets in 22 states. J.P. Morgan owns a similar number of multifamily units on behalf of institutional investors throughout the United States.
"This partnership provides us with the opportunity t
