EL SEGUNDO, Calif. – May 19, 2022 – PRLog — Haven Realty Capital (“Haven”) in joint venture with funds managed by Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home purpose-built single family rental housing community in Chattanooga, TN. The Haven-led joint venture will close on the remaining homes in phases over the next seven months.
Hartman Hill is the first build-for-rent (“BFR”) community in Chattanooga for Haven, and its fourth in Tennessee since entering the market in July 2021. In addition to Chattanooga, Haven owns three properties in Nashville and one property in Knoxville. Haven is one of the early entrants and most active BFR investor operators in the United States and currently controls 34 developments in 9 states totaling more than 3,400 homes in various stages of development, construction or stabilization.
Hartman Hill is being developed on a 26-acre site at 5005 Dayton Boulevard in the Red Bank neighborhood of Chattanooga, TN, located eight miles north of Downtown Chattanooga.
At buildout, Hartman Hill will offer three- and four-bedroom homes ranging in size from 1,538 to 2,515 square feet. Each of the 71 two-story homes will offer high-quality finishes and features found in new for-sale housing including custom cabinetry with soft close drawers, quartz countertops, tile-backsplashes, stainless steel appliances, private backyards and direct access garages. Common area amenities will include a sport court, bark park and pet washing station. Ownership will maintain the landscaping for all of the homes and common area, which will provide the community with a uniform look and will provide residents with a maintenance-
“Inflation and higher interest rates are making it more difficult for entry level home buyers to purchase a home,” said Haven Founder and Managing Principal Sudha Reddy. “BFR provides the homebuilding industry with another sales channel and an additional option in its pursuit of increasing the housing supply.”
Yieldstreet is a leading alternative asset investment platform. It’s real estate vertical provides investors access to projects like Hartman Hill, as a way to diversify their portfolios and hedge against inflation.
“At Yieldstreet we’re quite bullish on the SFR BFR and Multifamily space. The migration of folks to sunbelt markets, looking for more affordable housing, creates opportunities that promise to ease the housing crunch and benefit investors,” said Mitch Rosen, Managing Director and Head of Real Estate at Yieldstreet.
Yieldstreet’s portfolio includes more than 750 single family rental homes in key U.S. markets including Atlanta, Dallas, and Charlotte. This is the first joint venture between Haven and Yieldstreet.
About Haven Realty Capital
Haven Realty Capital (http://www.havenrc.com) is a Los Angeles-based real estate investment and management firm focusing on the acquisition and development of single family and multifamily assets in select markets throughout the United States. Founded in 2010, Haven was an early entrant in the single family rental industry where it owned, operated or managed approximately 10,000 SFR rental homes in six states at its peak. Haven currently has approximately $1.1 billion in rental communities under development and management with assets located in Alabama, Arizona, Nevada, Florida, Georgia, Illinois, Tennessee and The Carolinas.
DB&R Marketing Communications, Inc.