MIAMI, Nov. 29, 2021 /PRNewswire/ -- Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM), and longtime multifamily owner/operator Electra America, today announced the combination of acquisitions and current pipeline is nearing $1.35 billion.
Launched in February 2021, the JV earlier this year announced the acquisition of 1,889 new single-family homes and townhouses purchased directly from homebuilders throughout Alabama, Florida, Georgia, North and South Caroline, Tennessee, and Texas.
The current pipeline exceeds $850 million, bringing the total between acquisitions and pipeline to almost $1.35 billion and more than 5,100 units throughout the same states as the initial acquisition.
"I am delighted that my partner, Jordan Kavana, and the team at Transcendent Electra have orchestrated the robust SFR & BTR pipeline that they have and it's a testament to Jordan's longstanding reputation and relationships in the SFR space," said Joe Lubeck, CEO of American Landmark Apartments. "Results continue to exceed expectations and we are confident that he will grow the SFR/BTR platform to $3 Billion in assets under management in the next 2 years, if not sooner."
"There are many partners we could have gone with but there are very few that bring the experience, reputation, operational expertise and access to capital markers globally that the Electra team brings," said Jordan Kavana, CEO of Transcendent Electra. "We could not be happier with the first year and are eager to continue enjoying a long And prosperous relationship together"
Single-family rentals continue to outperform other asset types across many metro markets. The combined expertise of the joint venture partners has allowed and will continue to allow Transcendent Electra to leverage a truly unique differential advantage between long-standing relationships with top builders, and exponential multi-family expertise.
Transcendent Electra was established in early 2021 as a joint venture between long-time SFR player TIM, and Electra America, one of the Top 50 largest apartment owners on the National Multifamily Housing Council list. The investment platform aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
About Transcendent Investment Management (TIM)
TIM has significant experience in the Single-Family Residential asset class as one of the first large scale investors, dating back to the great recession when TIM purchased over 6,000 homes at deep discounts via multiple channels including auction, tax lien foreclosures and REO purchases. In 2014, sensing a mature and overbought market, TIM shifted its strategy from buying via its traditional channels to bulk buying new and warrantied units at discounts from large US homebuilders. Based in Miami, TIM has completed over $1 billion in real estate transactions and has expertise in the major Sunbelt markets.
About Electra America
Electra America is a real estate private equity firm focused on value-add and opportunistic investments in the U.S. Sunbelt markets. With initial capital commitments totaling approximately $2.5 billion across multiple funds managed by the firm and its affiliates, Electra America's portfolio encompasses more than $6 billion in commercial real estate property holdings and debt in the multifamily, hospitality and single-family rental home sectors. Leveraging decades of expertise, Electra America is committed to transparency, the alignment of interests between sponsors and investors, and delivering superior risk-adjusted returns to its investors and partners. Electra America is a partnership between The Lubeck Family and a subsidiary of Electra Real Estate Ltd., an Israeli company founded in 1972 and publicly traded on the Tel Aviv stock exchange (TLV: ELCRE). For more information, visit www.electramerica.com.
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SOURCE Transcendent Electra