Walton Global and Rockpoint Announce a $300M Joint Venture to Develop Build-to-Rent Communities
Walton Global, a real estate investment and land asset management company with US$3.6 billion under management, announced today a joint venture with Rockpoint, a real estate private equity firm based in Boston, to support the growing demand for single-family homes in the form of rental communities across the United States. Rockpoint intends to invest up to $300 million in equity in Walton’s Build-to-Rent (BTR) line of business that is expected to total up to $1 billion in real estate assets.
Rockpoint has significant experience in the single-family rental market including both build-to-rent communities and the acquisition of existing homes, focusing on high-quality, well-located housing in select growth markets throughout the United States.
Walton’s BTR platform was launched in 2021 with the goal of offering new housing solutions in high demand home and rental markets. The joint venture is initially focusing on targets within Walton’s existing Master Plans and more than 81,000-acre land portfolio across the U.S.
“Walton’s experience in land and our large network of top builders, coupled with the institutional knowledge Rockpoint brings to the BTR space, strategically positions this joint venture to create needed housing for people across the country who are choosing to rent versus own,” said Bill Doherty, CEO of Walton Global.
Walton has an initial pipeline of approximately 3,500 units in expanding MSAs such as Atlanta, Austin and Jacksonville, that are targeted to be part of the joint venture. To execute the BTR strategy, the joint venture is partnering with top national and regional home builders to develop the communities.
About Walton Global
Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 43 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.6 billion in assets on behalf of its global investors located in 73 countries, builders and developers and industry partners. Walton has more than 97,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.
Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $29 billion in capital commitments. As of March 31, 2022, Rockpoint’s investment team with others has invested or committed to invest in 483 transactions with a total peak capitalization of approximately $76 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint, visit www.rockpoint.com.
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