DivcoWest JV will plow $1B into single-family rentals

Publication: The Real Deal

Add DivcoWest and Atlas Real Estate to the growing list of industry players moving into the single-family rental market.

The two firms have teamed up on a $1 billion platform to acquire single-family rental homes throughout the West, The Real Deal has learned. The venture will renovate and manage the properties and will target states across the region, including Arizona, Colorado, Idaho, Nevada and Utah.

Investment company DivcoWest, which primarily focuses on commercial properties, provided $250 million. Atlas CEO Tony Julianelle said the platform hopes to reach $1 billion over the next 18 to 24 months; it has already closed on its first acquisitions.