Empire Communities, one of North America’s largest private homebuilders, announced it is expanding into rental housing with the formation of Empire Rental Living,
Moving forward, the company will develop, build, and operate “built-for-rent” single-family and multifamily rental communities targeting markets in Georgia, Tennessee, Texas, the Carolinas, and Ontario, with additional markets under consideration.
“With increasing supply and affordability challenges throughout the North American residential sector, we believe the diversification of our business into the rental market led by Cole and Donald will provide opportunities to expand our customer base,” said Tim Royds, COO of Empire Communities.
As part of this expansion, Empire Communities has appointed Cole Young and Donald Povieng as the new leadership team to head North American operations. Young and Povieng bring a complementary set of unique skills and experience to the Empire team.
“Empire Communities’ exemplary history of building quality and diverse housing typologies allows Empire Rental Living to target the hyper-localized needs of our residents at every stage of life with wide-ranging affordability options and flexible home designs,” said Povieng.
The first rental housing community will launch in the second quarter of 2021 in Toronto. An extensive pipeline of strategically segmented housing types, including single-family attached and detached homes, horizontal apartments, and multifamily mid-rise buildings, will follow.
Single-family projects currently under development include a 102-unit townhome community on the southside of Atlanta, GA, 300 single-family homes in Austin, TX, and over 1,300 townhomes, stacked flats, and single-family homes in Ontario. Another 357 horizontal apartment units are planned for Houston and Austin, TX, with 900 multi-family units in construction or planning in Atlanta, GA and Toronto, ON.
Empire Rental Living is also working on partnerships with some of North America’s leading masterplan developers to add additional markets and another 2,000 homes to Empire Rental Living’s portfolio.
“Long-term, trusted partners are the most important part of this business,” said Young. “By aligning ourselves with teams and people that have similar visions and values, we are creating a runway for growth far out into the future.”
The Empire Rental Living portfolio will be professionally managed with Empire’s internal property management team that operates on the same foundation of care that has defined Empire’s venerable history. Visit Empirerental.com more information.
