PCCP forms $1b single-family rental JV with CalSTRS
PCCP, together with the California State Teachers' Retirement System (CalSTRS) and a global institutional investor have formed a joint venture to invest in purpose-built single-family rental communities located in primary and secondary markets across the United States. The venture will initially have more than $1 billion in purchasing power.
“PCCP has identified a scalable opportunity in the build-for-rent [BFR] space as this sector provides attractive supply/demand characteristics,” said Jim Galovan, PCCP Partner. “With a nationwide shortage of single-family housing supply, we see the strongest demand for this BFR sector coming from millennials and Baby Boomers, however, it is also attractive to a wide range of renter demographics.”
Galovan observed that the housing shortage is most acute in rental units ranging from 1,200 square feet to 2,000 square feet, as developers find this size range to be less economical to build. This size range is also usually larger