Laseter Development Group will focus on
delivering housing in rapidly growing Sunbelt market
NEW
YORK, Feb. 13, 2025 /PRNewswire/
-- Institutional investors advised by J.P. Morgan Asset
Management in partnership with the principals of Georgia
Capital, an Atlanta-based
residential investment and development firm, and its affiliated
production homebuilding company, Paran
Homes, today announced the launch of Laseter Development
Group ("Laseter"). This newly created, vertically integrated
build-to-rent (BTR) development company will look to increase the
housing supply by building single-family rentals in high-demand
areas across the Southeast. Institutional investors advised by J.P.
Morgan Asset Management and the principals Georgia Capital and
Paran Homes each own 50% of
Laseter.
Laseter is dedicated to addressing the U.S. housing shortage by
leveraging its comprehensive in-house land development and home
building expertise. The company will collaborate with outside
partners to complete its developments, as well as provide
third-party general contracting services to other BTR developers.
The first two developments are expected to break ground this year
in the suburbs of Atlanta, GA, and
Nashville, TN, featuring 165 and
126 homes, respectively.
"This initiative underscores our strategic focus on the BTR
asset class and reinforces our commitment to this high-conviction
sector," said Chad Tredway, Head of
Real Estate Americas at J.P. Morgan Asset Management. "Demographic
shifts and job growth in the Sunbelt are driving increased demand
for single-family housing. With Millennials seeking more space and
housing prices at record highs, many are turning to rentals,
fueling the growth of this sector."
Preston Meyer, Portfolio Manager
at J.P. Morgan Asset Management, added: "This partnership provides
an opportunity to create value for our clients, partners and local
communities by building new housing solutions to meet the rapidly
growing demand."
Whit Marshall, a seasoned leader
with over 20 years of land, development and residential
construction management experience, will serve as Founder and CEO
for Laseter.
"We are big believers in the need for housing alternatives in
this country. The institutional world and the production
homebuilding world are very different. We believe that the
combination of our land development and production homebuilding
expertise with J.P. Morgan's scale and investing perspective
positions us to be at the forefront of this unique opportunity in
the early stages of this new real estate sector," said
Marshall.
Georgia Capital and Paran Homes
entered the BTR space in 2020. Since then, it has built a portfolio
of ten BTR developments and executed three forward sale
transactions. Since 2010, the companies have built more than 3,000
single-family homes and developed, sold, or financed more than
6,000 residential lots. Since 2020, J.P. Morgan Asset Management
has been a leader in the single-family rental space and currently
owns a nearly $2 billion portfolio
totaling 65 communities and more than 6,000 homes throughout
the United States on behalf of
institutional investors.
About Laseter Development Group
Laseter Development
Group is dedicated to developing high-quality build-to-rent (BTR)
communities across the Southeast. Recognizing the unique execution
required for BTR projects compared to traditional for-sale
communities, Laseter brings together land development and
production homebuilding with an institutional perspective to
deliver affordable, quality homes. By fostering a collaborative
approach, Laseter seeks to maximize cost efficiencies, enhance
affordability for individuals and families and provide superior
value for its partners and clients.
About J.P. Morgan Asset Management
J.P. Morgan Asset
Management is a global leader in alternatives, with over 60 years
of experience managing alternative investments, including real
estate, private equity, private credit, liquid alternative
products, infrastructure, transport, hedge funds, and forestry. As
of December 31, 2024, J.P. Morgan oversees more than $400
billion in alternative assets.
With $3.6 trillion in assets under management as
of December 31, 2024, J.P. Morgan Asset Management serves
institutions, retail investors, and high-net-worth individuals
across every major market globally. The firm offers comprehensive
investment management services in equities, fixed income,
alternatives, and liquidity.
For more information, visit www.jpmorgan.com/am
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States
of America ("U.S."), with operations worldwide.
JPMorganChase had $4.0 trillion in
assets and $345 billion in
stockholders' equity as of December 31,
2024. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing and asset management. Under the
J.P. Morgan and Chase brands, the Firm serves millions of customers
in the U.S., and many of the world's most prominent corporate,
institutional and government clients globally. Information about
JPMorgan Chase & Co. is available at
www.jpmorganchase.com
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SOURCE J.P. Morgan Asset Management
