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RangeWater plans 155 build-to-rent SFR

Developer says purchase marks first BTR community in S.C.

RangeWater, an Atlanta-based multifamily and build-to-rent developer, today announced closing on 17 acres of land and plans to develop 155 single-family housing rentals, according to a press release.

The firm says that the purchase, located in the West Ashley community of Charleston, South Carolina, will be used to build a community of 3-bedroom, 2-bath townhomes.

It says it will break ground on the construction in August, with the first move-ins estimated to occur in October 2023. The development is part of RangeWater’s expanding Storia division, which is currently deploying over $800 million for build-to-rent (BTR) single-family rental developments across the Sun Belt.

“Charleston is one of our favorite places to develop because of the lifestyle and economic opportunity here,” said Steven Shores, Chairman and CEO of RangeWater. “Residents are attracted to the beautiful beaches and waterways of this area, as well as Charleston’s historic charm and plentiful jobs. We’re proud to bring a Storia neighborhood to best serve this demographic.”

RangeWater says it launched its first Storia properties in Georgia and has “several thousand BTR units in the pipeline”, with new communities under development in Atlanta, Colorado, San Antonio and Fort Worth.

The company says that build-to-rent currently makes up 15% of its portfolio, claiming that it has been awarded 95 projects (representing 12,488 homes) in 64 cities across 11 states.

While RangeWater has been active in the Charleston market through its core multifamily operations, it says this development will mark its first Storia project in South Carolina. The firm recently built and sold The Merchant community in Charleston, which includes 18 buildings across several city blocks, and says that it currently has 11 communities under management in the state.

In other recent proptech news, Nada raised an $8.1 million seed round and stated plans to release a home equity-backed debit card. Home inspection startup PunchListUSA also raised a $39 million Series A.

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