TUCSON, Ariz.--(BUSINESS WIRE)--Miramonte Homes, an award-winning leader in residential development headquartered in Tucson, announced the launch of Miramonte Communities, a new company specializing in developing build-to-rent multifamily properties. The company announced its first communities in Arizona and Montana.
“As home buyers continue to face challenges, including supply and affordability, the market for rental homes has exploded,” says Eric Entringer, president of Miramonte Communities. “Housing is significantly under-supplied nationally. Miramonte is focused on developing housing in markets that are severely under supplied throughout the Mountain West.”
Miramonte’s loft-style townhomes provide high quality living spaces with an open floorplan. Currently, there are over 1,400 units in planning, design and development across these markets with an eye on opportunities to provide housing in other markets facing housing constraints.
“Miramonte has been building quality homes for more than 30 years,” notes founder and CEO Chris Kemmerly. “We understand and adapt to shifting market trends to meet the needs of our customers. Given the current housing market, we know our townhomes are the right product at the right time helping fill the gap in housing needs.”
Miramonte is the operating partner for the new company, working with its investment partner ICM Asset Management to develop build-to-rent multifamily communities.
“ICM Asset Management is a world-class alternative asset investor that has been in business for 20 years with $1.6 billion of assets under management throughout North America,” Kemmerly noted. “We are extremely excited to partner with ICM to grow our build-to-rent platform throughout the Mountain West with a leader in real estate investment not only in the U.S. but in Canada and Mexico as well.”
“We are excited to be working with Miramonte Communities,” says Scott Myers, managing director with ICM. “As a leader of alternative investments including real estate, we look to partner with strong regional developers in growth markets. Miramonte Communities represents a great fit for our portfolio.”
About Miramonte Communities
Miramonte Communities is a subsidiary of Miramonte Companies, whose portfolio spans the range of the building continuum: from high-density, urban multifamily dwellings and semi-custom and move-up communities to Miramonte’s commercial office and warehouse spaces.
Additionally, Miramonte’s land development and acquisition teams also manage the acquisition, entitlement, plan development and horizontal construction for its communities.
Owned by Chris Kemmerly and led by a team of experienced home building professionals, Miramonte is a fully integrated builder with unparalleled scope, resources and capabilities.
About ICM Asset Management
ICM Asset Management is a registered Investment Fund Manager and Portfolio Manager, founded in 2003 to preserve and grow the wealth of retail, private client and institutional investors looking to diversify their portfolios through the use of alternative asset classes. Today, ICM manages more than $1.6 billion of assets and offer an array of investment opportunities focused on real estate, private equity / venture capital, and alternative income strategies. ICM Asset Management is headquartered in Calgary and has offices in Atlanta, Munich and Mexico City.
