Alpaca Real Estate Seeds Residential Venture with Innovative Dallas Townhome Community

NEW YORK--()--Alternative investment management firm Alpaca Real Estate (“ARE”) announced today the formation of a $300 million residential strategy that will target to assemble an attractive portfolio of 1,000+ new construction rental homes in locations marked by strong population growth, robust household income, best-in-class school districts and access to both employment and recreation.

The inaugural transaction is the forward purchase of a 150-townhome community (or the “Property”) consummated with Southern Impression Homes and LyvWell Communities. The Property is located in Dallas within proximity to major transportation nodes, lifestyle and entertainment offerings, and multiple employment centers. Sourced through a long-term relationship, the joint venture between ARE and LyvWell acquired the entitled parcel and simultaneously entered into a forward purchase agreement with Southern Impression, who will execute on the vertical developments at an agreed-upon fixed cost.

The Property is expected to consist of 150 two- to four-bedroom townhomes ranging between 1,400 to 1,900 square feet in size. Each home will have an automated technology package, curated in conjunction with Alpaca VC’s portfolio of over 100 innovative companies as well as resident-focused community amenities that are favored by families and professionals. In addition, the partnership intends to bring in a rent-to-own operator to manage a portion of the homes, creating flexibility for future homeowners.

“Homes in the U.S. are unaffordable for the average American. By creating net new housing, we provide residents with the ability to live next to great schools and have an easy commute to work. The rent-to-own option offers an innovative and accretive overlay to the strategy,” said Daniel Carr, Managing Partner of Alpaca Real Estate. “This transaction reflects Alpaca’s thematic strategy of investing in high demand locations through thoughtfully structured forward purchases. We are thrilled to deepen relationships with both Southern Impression Homes and LyvWell Communities.”

“This transaction was compelling for a number of reasons, including its optimal location, the opportunity to forward purchase the homes at an attractive basis, significant demand for built-to-rent housing in the local market, and our ability to layer in technology improvements to generate operational efficiencies, enhance the resident experience and ultimately improve the overall quality of the project. We are thrilled to partner with Alpaca, a relationship of nearly 15 years,” added LyvWell CEO Mike Bednarski.

Southern Impression Homes President Chris Funk added “We are pleased to partner with Alpaca and LyvWell to construct high quality, purpose built rental communities. We look forward to future transactions across several markets.”

About Alpaca Real Estate:
Alpaca Real Estate (“ARE” or the “Firm”) is a real estate private equity firm where innovation meets real assets, maximizing the potential of traditional real estate investing. ARE utilizes a thematic investment approach to acquire and manage traditional and niche real estate investments with an emphasis on properties that require recapitalization, repositioning, strategic capital, and/or physical transformation. The Firm integrates relationships fostered through Alpaca VC with innovative operating platforms to unlock asymmetric upside potential, creating option value in excess of traditional real estate business plans.

For more information, visit www.alpacarealestate.com.

About LyvWell Communities
LyvWell Communities is setting new standards in the build-to-rent market, focusing on true single-family rental homes with a strong emphasis on well-being, community and quality of life. LyvWell Communities is a visionary real estate development company dedicated to creating wellness-focused rental communities. With a mission to enrich the lives of our members, we go beyond traditional housing to provide a unique living experience that emphasizes well-being, community, and quality of life. Our commitment to holistic wellness, high-impact amenities, and an inclusive community culture set us apart in the build-to-rent industry. For more information about LyvWell Communities, please visit: https://lyvwellcommunities.com.

About Southern Impression Homes
Southern Impression Homes is a homebuilder based in Jacksonville, Florida. We specialize in building large, high-quality residential projects, creating communities with single-family homes and investment opportunities for those seeking passive income. To further promote and empower people with our Build-to-Rent Passive Income model, we were recently acquired by Sumitomo Forestry, a 300-year-old company that has allowed us to further strengthen our ability to deliver value and financial options to our investors. For more information, visit www.southernimpressionhomes.com.

Contacts

Media:
ICR on behalf of Alpaca Real Estate
Megan Kivlehan | megan.kivlehan@icrinc.com

Contacts

Media:
ICR on behalf of Alpaca Real Estate
Megan Kivlehan | megan.kivlehan@icrinc.com