NEW YORK--(BUSINESS WIRE)--The Steinbridge Group, a rapidly growing real estate impact investment firm, announced a $50 million joint venture with FrontRange Co-GP Property Fund, an affiliate of FrontRange Capital Partners, to build and improve housing options throughout the U.S. By renovating and developing single family and small multi-family properties this venture will give Steinbridge the ability to initiate and activate an estimated $1.3B of development and redevelopment.
Housing in many urban areas is characterized by record-high costs, declining inventory, aging housing stock, and sweeping repair needs. The strategy aims to seed the growth of high-quality, middle-class attainable homes in cities across the nation, including cities like Atlanta, Boston, Dallas, Houston, New Jersey, New York City, Philadelphia, Richmond, Baltimore and Washington, D.C.
Steinbridge was founded by CEO Tawan Davis to invest in the long-term health and vibrancy of neighborhoods by creating high-quality homes for working families in rapidly transitioning parts of metropolitan America. As recently announced, Steinbridge also aims to help renters become homeowners through an innovative program in collaboration with PNC Bank, one of America’s largest financial services institutions.
Steinbridge’s rental strategy and homeownership initiative provide opportunities for families to grow with their communities while creating new residences and bringing aging homes up to a high quality.
“Having a stable place to call home is among the most important foundations to a family’s well-being. Our partnership with FrontRange seeks to make it possible for hard-working families to find a high-quality, affordable place to live,” said Tawan Davis, Founder and CEO of the Steinbridge Group. “FrontRange’s investment represents a significant vote of confidence in our disciplined approach and will form a basis for Steinbridge to expand rapidly to meet the housing needs of people and places where the demand is most acute.”
Based in Denver, FrontRange Capital Partners, is a private equity firm focused on investments in real estate and high growth businesses.
"This important investment will help strengthen local communities by increasing the supply of high-quality workforce housing,” said Scott Berry, Managing Principal of FrontRange Capital Partners. “Steinbridge has a business model designed to generate compelling returns for investors while delivering significant benefits to the residents in the communities in which they operate. We are excited to be working with their team on this high-impact investment.”
Steinbridge employs the following impact real estate investment strategies:
Single Family Build-to-Rent
Steinbridge has developed a Build-to-Rent (BTR) strategy and pipeline through partnerships with community organizations that own underutilized land and/or properties. With a focus on transitioning areas in major urban areas, Steinbridge partners with organizations to catalyze latent property assets into economically productive uses.
Single Family Rental Rehabilitation
Steinbridge is redeveloping hundreds of existing single-family homes in robust submarkets of America’s growing cities. Through this strategy, Steinbridge redevelops homes to a very high-quality standard and rents them to working families at affordable and sustainable rates.
As unique opportunities arise, Steinbridge acquires and develops hundreds of multifamily homes to optimize and activate sites located in densely populated areas and controlled by strategic community partners.
The Steinbridge Group is an impact investment company with an initial focus on impact through real estate. The company is currently advancing a strategy to acquire, renovate and develop homes to lease and sell to working families in major cities throughout the United States. The company is on track to invest over $1.3 billion through assembling a portfolio of several thousand SFR and BTR homes, nationwide.
The Steinbridge team includes leading professionals with global experiences across real estate and finance with billions of dollars of investing, acquisitions, asset management, construction, development, and leasing experience.
About FrontRange Capital Partners
FrontRange is a real estate private equity firm specializing in growth capital and property investments in partnership with high growth real estate companies in the multifamily/residential, industrial, self storage, office, and hospitality sectors. Since its founding in 2010, FrontRange has committed more than $1 billion of equity capital to investments throughout the United States. For more information, please visit frontrangecap.com.