Electra America, Transcendent JV to acquire build-to-rent homes for $1.25B-plus

A joint venture between Electra America Inc. and Transcendent Investment Management agreed to buy approximately 3,500 build-to-rent homes for more than $1.25 billion from an unnamed corporate seller.

Transcendent Electra closed on the first phase totaling over $504 million and comprising 1,424 new single-family homes and town houses in Tampa, Fla.; Atlanta; Athens, Ga.; and Pinehurst, N.C.

The second phase, which is expected to close soon, involves more than 2,000 units in Georgia, South Carolina, Florida and Texas totaling $750 million.

The entire portfolio is set to be delivered by the end of 2022.