Spotted in the press
Lafayette announces the acquisition of four new communities across the US, bringing 250+ new units to the market
New York, NY – May 4, 2023. Lafayette is thrilled to announce the opening of four new rental communities in Atlanta, GA; Columbia, SC; Kansas City, MO and Wilmington, NC. These homes will be operated by Brandywine Homes USA, Lafayette’s in-house property manager.
Crestview at Towne Lake, situated in Atlanta, GA, is composed of 59 townhomes. Lafayette was drawn to the location fundamentals which are characterized by limited supply and strong demand driven by an expected population growth of ~5% over the next five years (vs. the national average of 1.5%).1
Abbots Glen, located in Columbia, SC, will feature 92 single-family detached homes, for which takedowns already started in September 2022. Abbots Glen is in the affluent submarket of Irmo, SC. Among the attractive underwriting criteria, the community is located next to the highly rated Dutch Fork High School.1 School ratings are one of the important factors Lafayette looks at when underwriting the development of new SFR communities.
The takedown of Autumn Ridge, our 44 single-family home community in Kansas City, MO, recently began in January 2023 and is leasing up at an expeditious pace. Lafayette’s investment decision, among a variety of underlying investment criteria, was driven by strong expected household growth in the Belton submarket, estimated at ~5% over the next five years. Our site also has easy access to downtown Kansas City through the I-49.1
Echo Farms, featuring 62 townhomes in Wilmington, NC, is our newest BFR community, with takedowns starting in May 2023. Echo Farms is conveniently located within a 10-minute drive to downtown Wilmington and a 15-minute drive to Carolina Beach. This infill location has seen strong rent growth and rental demand, with 43% of households being renters1.
The opening of these four communities is part of Lafayette’s ongoing commitment to address the ~2 million housing shortage in the US2 and to provide additional housing options in attractive neighborhoods for families that cannot or do not want to buy a home. Lafayette continues to build a robust pipeline of purpose-built rental communities by buying land, lots, and finished homes.
About Lafayette Real Estate
Founded in 2011, Lafayette Real Estate (“Lafayette”) is a real estate investment management firm with ~4,000 homes and $1 billion in assets under management. Lafayette develops, acquires, and operates Single Family Homes and Build-for-Rent communities primarily across the Southeastern states.
Please visit www.lafayette-re.com for additional information.
Lafayette RE Management: