Stockbridge MORE Communities, a joint venture between investor Stockbridge and management team MORE Residential formed in 2021, expanded with the acquisition of 17 communities with more than 3,000 homes in 2023. The communities are branded as Covey Homes.
"This venture continues to fund the creation of additional rental housing across the United States" said Terry Fancher, Executive Managing Director of Stockbridge, in a release. "Despite a challenging economic environment in 2023, we saw consumers embracing the residential rental experience."
The communities typically have 50 or more homes with clubhouses, fitness centers and swimming pools.
"We continue to see strong demand for the professionally managed home-rental experience provided by Covey Homes...and we see a lot of room for growth in this asset class," said Mark Alfieri, CEO of MORE Residential, in the release.