Walton Global has formed a joint venture with Rockpoint to develop build-to-rent communities across the United States.
Rockpoint, a real estate private equity firm based in Boston, intends to invest up to $300 million in equity in Walton’s build-to-rent (BTR) line of business that is expected to total up to $1 billion in real estate assets.
Walton, a real estate investment and land asset management company, said Rockpoint has significant experience in the single-family rental market including both build-to-rent communities and the acquisition of existing homes, focusing on high-quality, well-located housing in select growth markets throughout the United States.
Walton’s BTR platform was launched in 2021 with the goal of offering new housing solutions in high demand home and rental markets.
The joint venture is initially focusing on targets within Walton’s existing Master Plans and more than 81,000-acre land portfolio across the U.S.
“Walton’s experience in land and our large network of top builders, coupled with the institutional knowledge Rockpoint brings to the BTR space, strategically positions this joint venture to create needed housing for people across the country who are choosing to rent versus own,” said Bill Doherty, CEO of Walton Global.
Walton has an initial pipeline of approximately 3,500 units in expanding MSAs such as Atlanta, Austin and Jacksonville, that are targeted to be part of the joint venture.
To execute the BTR strategy, the joint venture is partnering with top national and regional home builders to develop the communities.