KENNESAW, GEORGIA., Sept. 30, 2020 — Kinloch Partners today announced it has sold 27 houses in the Columbia, South Carolina, market to National Home Rentals for $5.95 million. Kinloch Partners, which is a pioneer in the development of Build-to-Rent subdivisions, will use the proceeds from the sale to invest in additional projects in Nashville, Tennessee.
The 27 homes are located in the Lexington, Elgin and Chapin. The sale is part of Kinloch’s strategy to develop more Build-to-Rent subdivisions, where entire neighborhoods serve the growing rental market.
“Build-to-Rent subdivisions continue to be a burgeoning trend in real estate development and investment,” said Bruce McNeilage, partner and co-founder of Kinloch Partners. “Younger consumers are often saddled with student debt, but still want a home with four walls and a yard. Combine that with an overall shortage of entry-level housing and the market is right for large-scale Build-to-Rent single-family home developments, particularly in the greater Nashville area.”
Millennials, consumers between 24 and 39 years old, are finding homeownership elusive, as they hold the largest share of the $1.6 trillion in student debt. Build-to-Rent subdivisions, such as Fairview Station and Derryberry Estates, two Kinloch Partners developments, can help fill this market niche.
Developers also are able to obtain favorable financing rates for Build-to-Rent subdivisions, similar to what developers can obtain for multi-family rental projects. Kinloch recently closed on a Fannie Mae sponsored loan used to refinance its Fairview Station subdivision.
About Kinloch Partners, LLC
Kinloch Partners, LLC is a privately held real estate investment firm with offices in Kennesaw, Georgia and Nashville, Tennessee.