Single-family rental company secures $1B capital infusion

Evergreen
Residential
Holdings
has
raised
a
total
of
$1
billion
in
capital
commitments
to
support
its
three
business
lines
in
investment
real
estate
of
equity,
lending
and
property
management.

The
funding
came
from
an
undisclosed
number
of
investors.
Kuvare
Holdings,
a
financial
service
company,
made
what
Evergreen
termed
a
strategic
investment.
It
joins
Prosperity
Asset
Management,
which
made
a
seed
investment
in
Evergreen
when
the
company
was
founded
in
2021.

“As
we
canvassed
the
market
and
evaluated
teams
with
which
to
partner,
Evergreen
stood
out
for
its
deep
understanding
of
the
residential
real
estate
market,
data-driven
approach,
and
exciting
growth
trajectory,”
said
Dhiren
Jhaveri,
Kuvare
CEO
in
Evergreen’s
press
release. “Kuvare’s
investment
reflects
our
conviction
in
the
Evergreen
team
and
platform,
and
aligns
well
with
our
broader
strategic
objectives.”

Residential
asset
investing,


such
as
single-family
rental,
is
fragmented
and
ready
for
further
institutionalization,
Evergreen
founder
and
CEO
Joseph
Negri
said
in
the
release.

“The
shortage
of
available
housing
units
relative
to
the
number
of
families
needing
homes
nationwide
is
estimated
to
be
in
the
millions,
creating
strong
tailwinds
for
our
growth,”
Negri
continued.

“The
Evergreen
team
is
well
positioned
to
leverage
our
significant
experience
in
single-family
residential
strategies
—
including
build-to-rent
—
to
address
these
housing
needs
while
seeking
to
create
value
for
all
stakeholders
—
investors,
residents,
employees
and
the
communities
we
serve.”

Single-family
rental,
whether
it
is
new
construction
or
fix-and-rent,
has
been
a
hot
topic
since
its
growth
following
the
Great
Financial
Crisis.
While
properties
have
been
scooped
up
by


large
institutional
investors,
data
shows
that
the
majority
are
owned
by


so-called
mom-and-pop
investors.

But
as
the
government’s
statements
around


Invitation
Homes’
$48
million
settlement
with
the
Federal
Trade
Commission
shows,
institutional
ownership
remains
a
target.
The
topic
was
even


broached
on
the
campaign
trail
by
Vice
President
Kamala
Harris.

In
addition
to
PAM’s
investment
in
Evergreen,
several
of
its
own
clients
have
also
deployed
capital
to
the
real
estate
company.

“Evergreen
has
established
itself
as
a
differentiated
platform
underpinned
by
assets
that
are
the
right
fit
for
PAM’s
insurance
company
investors,”
said
Deva
Mishra,
its
CEO. “We
look
forward
to
working
closely
with
the
team
to
continue
to
provide
our
clients
with
exposure
to
this
asset
class.”