PPR Capital Management Launches $100 Million Build-to-Rent Fund
PPR Capital Management, a Wayne, Pennsylvania-based commercial real estate investment firm, has launched the PPR Keystone Housing Growth Fund, targeting $100 million in investments to acquire build-to-rent (BTR) properties that are fully built or in lease-up. The fund aims to capitalize on market opportunities created by the recently enacted 21st Century ROAD to Housing Act, which initially cast doubt on institutional investment in single-family rentals but ultimately carved out a loophole. PPR is targeting 10 high-growth, supply-constrained markets, with soft commitments already made for properties in Charlotte, North Carolina, and Nashville, Tennessee. The firm plans five- to seven-year holds, using aggregation facilities to stabilize properties before flipping to agency debt. Chief Asset Officer Craig Johnsen noted that many BTR developers are struggling with lease-up and lower-than-expected rents, creating a two-year window of opportunity for PPR to acquire vacant or partially leased properties.
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