New Build-To-Rent Company Established by J.P. Morgan Team
J.P. Morgan Asset Management Partners with Georgia Capital
In an innovative move to tackle the U.S. housing crisis, J.P. Morgan Asset Management has formed a strategic alliance with principals of Georgia Capital and Paran Homes to create Laseter Development Group. This new venture aims to address the pressing demand for housing in the rapidly expanding Sunbelt region.
Enhancing Housing Supply Across the Southeast
Laseter Development Group is set to play a pivotal role in enhancing the availability of single-family rentals. By focusing on high-demand areas, Laseter plans to construct quality homes that cater to the rising needs of the population. Both J.P. Morgan Asset Management and Georgia Capital hold equal ownership stakes in this development firm, promising a robust collaborative effort to meet housing demands.
Addressing the Housing Shortage
With the U.S. facing a significant housing shortage, Laseter Development Group positions itself to effectively leverage its team’s extensive knowledge in land development and home construction. The initiative not only aims to meet the skyrocketing demand for housing but also wants to provide solutions that blend quality and affordability.
First Developments on the Horizon
Laseter is already planning its first two developments, with groundbreaking expected soon in various suburbs. Projects are scheduled to include approximately 165 homes in one location and 126 in another, showcasing the firm’s ambition to rapidly expand its portfolio and positively impact local communities.
Support from Industry Leaders
Chad Tredway, Head of Real Estate Americas at J.P. Morgan Asset Management, emphasized that the strategic focus on the Build-To-Rent asset class aligns perfectly with current demographic trends. He pointed out that many Millennials are increasingly opting for rental options due to high home prices and the desire for more space, which Laseter is uniquely positioned to provide.
Expert Leadership Driving Innovation
To lead this promising venture, Laseter Development Group has appointed Whit Marshall as its Founder and CEO. With over two decades of experience in land development and construction management, Marshall’s leadership is expected to steer Laseter in delivering innovative housing solutions tailored to market needs.
Growing the Portfolio
Georgia Capital and Paran Homes have been involved in the Build-To-Rent market since 2020, successfully constructing ten projects and executing several transactions. They bring a wealth of experience, having developed more than 3,000 single-family homes and an additional 6,000 residential lots throughout their combined operations.
J.P. Morgan’s Commitment to Housing Solutions
J.P. Morgan Asset Management has distinguished itself in the single-family rental market, managing a portfolio worth nearly $2 billion. The company is committed to fostering sustainable housing solutions and aims to be a leader in this new real estate sector. Their investment strategy focuses on maximizing value for clients, partners, and communities.
A Collaborative Approach to Build-To-Rent
Laseter Development Group recognizes that BTR projects require a distinctive execution strategy compared to conventional for-sale developments. By emphasizing collaboration and efficiency, the company endeavors to deliver attractive housing options while ensuring cost-effectiveness for both clients and future residents.
Conclusion
With the formation of Laseter Development Group, J.P. Morgan Asset Management and its partners are set to make a significant impact in the housing market. This venture not only targets the urgent issue of housing shortages but also paves the way for a new era in real estate focused on rental properties. The commitment to high-quality developments promises that Laseter will soon be a name associated with reliable and efficient housing solutions.
Frequently Asked Questions
What is Laseter Development Group?
Laseter Development Group is a newly formed build-to-rent development company created through a partnership involving J.P. Morgan Asset Management, Georgia Capital, and Paran Homes, focusing on increasing housing supply in the Southeast.
Why was Laseter Development Group established?
The company was founded to address the housing shortage in the U.S., particularly in rapidly growing areas of the Sunbelt, and to provide high-quality rental housing solutions.
Who leads Laseter Development Group?
Whit Marshall, with over 20 years in land development and residential construction, has been appointed as the Founder and CEO of Laseter Development Group.
What housing need does Laseter aim to address?
Laseter focuses on meeting the increasing demand for single-family rental homes, specifically catering to Millennials looking for more space and affordability amidst rising home prices.
How does J.P. Morgan Asset Management contribute to Laseter?
J.P. Morgan Asset Management provides financial resources and strategic insights, supporting Laseter’s growth in the Build-To-Rent sector and enhancing its operational capabilities.
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