Stockbridge MORE Communities unveil Covey Homes by MORE
Rental communities to be unified by brand name, quality customer experience
PLANO, TX – (January 26, 2023) – Stockbridge MORE Communities, owner and operator of build-to-rent single-family communities nationwide, today unveiled an overarching brand for its communities, Covey Homes by MORE.
All of Stockbridge MORE Communities’ current and future neighborhoods will be branded Covey Homes by MORE.
Formed in 2021, Stockbridge MORE Communities is a joint venture between San Francisco-based investment firm Stockbridge and Plano, Texas-based MORE Residential, led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. Stockbridge MORE Communities is acquiring newly-built single-family rental communities in high-growth U.S. markets.
“Unifying our communities under a single brand will help customers better understand the value of living in a Covey Homes neighborhood,’’ said Mark Alfieri, CEO of MORE Residential. “As we expand our footprint nationally, we expect Covey Homes by MORE to deliver an unparalleled home rental experience for our customers.’’
Covey Homes communities offer a carefree, tech-enabled lifestyle, beginning even before move-in with self-guided tours of homes and after with easy-to-use smart-home capabilities. Covey Homes communities consist of 50 or more homes with modern finishes and high-quality amenities, such as clubhouses, fitness centers and swimming pools. The Covey Homes brand offers professional management and maintenance teams, all at an accessible price relative to home ownership.
“The Covey Homes by MORE brand is intentional with a hyper-focus on creating a consistent customer journey,’’ said Brandi Trammell, Director of Brand and Marketing for MORE Residential. “We thoughtfully plan and manage every aspect of the customer experience so our residents genuinely feel at home from the day they move in to a community.’’
About Stockbridge MORE Communities
Stockbridge MORE Communities was formed in June 2021 with a mandate to acquire purpose-built single-family rental communities throughout the United States. The venture was formed by Stockbridge Capital Group, a real estate investment manager, and MORE Residential, an owner and operator of residential communities throughout the United States. Day-to-day management of the venture is led by MORE Residential, with Stockbridge contributing to overall investment strategy execution. Stockbridge MORE Communities maintains gross purchasing power of over $4 billion for single-family build-to-rent communities throughout the United States.
About MORE Residential
MORE Residential was formed by the senior management team behind the former publicly traded REIT, Monogram Residential, which created a residential portfolio exceeding $4.5 billion in total value that eventually sold to an institutional investor consortium in 2017. The MORE management team averages 30+ years of real estate industry experience and has extensive expertise working with institutional investors and development sponsors to invest capital through structures that maximize opportunities at various stages in the investment life cycle. MORE’s focus is on residential rentals spanning lower-density single-family rental (SFR) and build-to-rent (BTR) communities to traditional high-density multifamily properties across U.S. markets.
About Stockbridge
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.7 billion of assets under management (as of September 30, 2022) across its two primary business lines, spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta, and Chicago.
