Covey Homes by MORE Expands Portfolio with New Rental Community

Covey Homes by MORE Acquires New Rental Community

Covey Homes by MORE has recently announced a significant acquisition that expands its portfolio of rental properties to more than 5,000 purpose-built homes. This exciting new development includes a single-family rental community designed to cater to the ever-growing demand for quality housing solutions.

A Closer Look at the New Community

The newly acquired community, located in a vibrant suburb, is known as Covey Homes New Hampstead. This modern development was previously called Cottages at New Hampstead and features 327 ranch-style townhomes that are designed to enhance the living experience. Each of these homes comes with a yard and an attached garage, offering residents the comfort of space and privacy.

Amenities and Features

The two- and three-bedroom homes within the community are equipped with high-end finishes, including granite kitchen countertops and stainless-steel appliances. In addition to the lovely residences, the community boasts several amenities that make it appealing to potential renters. Residents can enjoy a clubhouse, a swimming pool, a state-of-the-art fitness center, and a dog park, fostering a sense of community and enhancing the quality of life.

Driving Demand for Rental Communities

Mark Alfieri, CEO of MORE Residential, highlighted the increasing demand for this type of unique housing. He emphasized that the company has observed no slowdown in interest for homes that provide both quality living and community engagement. “Customers are embracing the lifestyle afforded by these communities,” he said, showcasing the value that Covey Homes brings to the housing market.

Strategic Growth in the Housing Sector

The acquisition aligns with Covey Homes' strategy to focus on building new rental communities that help tackle the housing supply shortage. By expanding its portfolio to over 5,000 homes across 32 markets, the company is positioning itself as a significant player in the sector, with aspirations to continue providing solutions for growing housing demands.

MORE Residential's Vision and Goals

Established in 2023 as part of a joint venture with a notable investment firm, Covey Homes aims to cater to the burgeoning rental market in the United States. The team behind MORE Residential, which includes experienced former professionals from publicly traded real estate investment trusts, sets the foundation for a successful investment strategy. Their approach is to create valuable partnerships that maximize the potential of residential rental investments.

Community Impact and Future Aspirations

In today’s climate, the need for varied housing solutions is crucial. Covey Homes by MORE is dedicated not only to profitability but also to contributing positively to the communities in which it operates. Their focus on thoughtfully designed, newly built rental communities reflects a genuine commitment to addressing the critical housing needs in high-demand areas.

Conclusion and Additional Information

In sum, the acquisition of Covey Homes New Hampstead represents a significant step forward for Covey Homes by MORE, reinforcing its position within the residential rental market. For those looking for more insights and information about the company and its offerings, further details can be found on their website.

Frequently Asked Questions

What is Covey Homes by MORE?

Covey Homes by MORE is a residential rental community brand that focuses on providing newly built, purpose-designed homes for rent.

What does the new community offer?

The new community features ranch-style townhomes with modern amenities, including a clubhouse, pool, and fitness center.

Why is the demand for rental communities increasing?

The demand is growing due to factors such as a lack of available homes for sale and a shift in housing preferences among renters.

How many properties does Covey Homes own?

With this recent acquisition, Covey Homes by MORE owns over 5,000 homes across multiple newly built communities.

Are there plans for further expansion?

Yes, the company intends to continue expanding its portfolio to support the increasing housing demands and needs across the United States.

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