Atlanta-based single-family rental landlord Quinn Residences has acquired five communities with 820 homes in Georgia, Florida and North Carolina, as well as Tennessee, which represents a new market for the company.
In Georgia, Quinn acquired Dorchester Place in Covington, which is its eighth property in the state. The community includes 82 fenced-in, detached homes averaging 2,550 square feet. They will be ready for occupancy in early December.
Quinn entered Tennessee with the purchase of The Guild in Chattanooga, a community of 92 two-, three- and four-bedroom houses that are expected to be occupancy-ready in the third quarter.
In Florida, Quinn acquired the 94-home Towns at Lake Nona community in St. Cloud and the 260-home Moccasin Wallow in Bradenton. First home deliveries are scheduled to begin by the end of the year.
In North Carolina, the company purchased the Stephens Farm community in Holly Springs with 292 townhomes. Construction is expected to begin this month.
“Our trajectory in the Southeast continues to grow as Quinn expands in its existing territories and enters a new one,” Quinn CEO Richard Ross said in a press release. “The housing market is experiencing unprecedented low inventory, and our goal is to provide even more reasonably priced options for residents in these high-demand markets. Whether it’s someone relocating to the South or looking for a maintenance-free way of living, our build-for-rent homes provide the flexibility and inventory to an industry in need.”
Over the past year, Quinn has tripled its portfolio of Southeast homes to more than 3,000 residences in varying phases of construction. The company plans to continue expanding throughout the region and has been busy in the capital markets over the last year, having raised more than $900 million of equity, almost four times its goal of $250 million.