Fund Invests in Build-to-Rent Homes and
Communities, Creating New Housing Supply
NEW
YORK, July 22, 2024 /PRNewswire/
-- Pretium, a specialized investment firm with over
$50 billion in assets under
management, today announced the successful close of its sixth
single-family housing fund and related vehicles, above target with
$1.5 billion in aggregate commitments
to create more affordable housing in the U.S. The fund received
strong support from a diversified group of existing and new
investors, including insurance companies, U.S. pension plans, and
U.S. wealth managers.
The fund invests in build-to-rent single-family homes and
communities in suburban markets experiencing above average
population and economic growth. The growth in these key markets is
primarily driven by U.S. demographic trends fueling demand in
regions that offer warmer weather and lower cost of living.
"We are pleased to close our sixth single-family housing fund
above our target, which is a testament to the strength of our
platform and provides us with more capital to keep builders
building homes for families," said Don
Mullen, Founder and CEO of Pretium. "This fund invests in
growing the stock of quality single-family homes in key markets
across the country, helping solve for the tremendous shortage of
viable housing in the U.S. Pretium has developed an integrated real
estate ecosystem with the scale and expertise to capitalize on
shifts in the market and expand access to quality housing that is
resonating with investors, residents, and our communities."
"As a pioneering investor in the single-family housing industry,
Pretium has a strong track record of driving performance and value
creation by delivering access, optionality, and value to renters,"
said Josh Pristaw, Pretium's Head of
Real Estate. "We have seen a meaningful opportunity to put capital
to work with our homebuilder partners over the last few years as
regional banks have pulled back on financing and a high
inflationary environment depresses supply. Investing in new housing
supply and empowering builders to build more homes for families is
a winning proposition in a market challenged by housing
shortages."
Since 2020, Pretium has invested more than $2.62 billion toward new build-to-rent
construction in the U.S., creating more than 7,800 new homes across
37 cities and 15 states.
About Pretium
Pretium is a specialized investment firm focused on U.S.
residential real estate, residential credit, and corporate credit.
Pretium was founded in 2012 to capitalize on investment and lending
opportunities arising as a result of structural changes,
disruptions, and inefficiencies within the economy. Pretium has
built an integrated analytical and operational ecosystem within the
U.S. housing, residential credit, and corporate credit markets, and
believes that its insight and experience within these markets
create a strategic advantage over other investment managers.
Pretium's platform has more than $50
billion of assets, comprising real estate investments across
nearly 90 markets in the U.S., and employs approximately 7,000
people across 50 offices, including its New York headquarters, Miami, London, Seoul, and Sydney. Please visit www.pretium.com for
additional information.
Contacts
Kate Thompson / Lyle Weston / Erik
Carlson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Media-SFR@pretium.com
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SOURCE Pretium