Partners Group, on behalf of its clients, has acquired a portfolio of single-family rental homes in the United States with a combined gross asset value of $1 billion from affiliates of Fortress Investment Group and Kairos Living.
The portfolio consists of 2,528 recently constructed single-family rental homes and a pipeline of more than 1,000 homes under construction spread across 17 states in the Sunbelt region, with the majority located in Texas, Alabama, Georgia and Oklahoma. This region is one of the fastest-growing areas of the United States due to its high job growth rates, relative affordability and favorable climates. Migration to the Sunbelt accelerated during the pandemic as new remote working patterns led to increased demand for rental properties with more space than conventional apartments. The pipeline of new homes under construction will help expand the base of rental properties in the region. Freddie Mac estimated that the U.S. housing gap reached 4 million ho