CHICAGO–(BUSINESS WIRE)–Magnolia Capital has announced the formation of a new joint venture with Principal Real Estate Investors, the real estate investment team of Principal Global Investors, to seek opportunities to acquire, renovate and operate single-family homes rentals across the United States. Magnolia Capital’s vertical single-family brand, National Home Rentals (“NHR”), will source homes on behalf of the joint venture with the goal of acquiring more than 1,000 homes annually and building a diverse national portfolio within target markets which have strong underlyings. supply and demand trends.

“Our vision for the single-family rental industry is consistent with our multi-family approach: taking a data-driven, customer-centric approach that enables us to create a differentiated product for our residents and compelling results for our investors. We are delighted to partner with Principal Real Estate Investors, a thoughtful investor who shares our belief in this unique investment opportunity within the asset class,” said Max Peek, Founder, CEO and Managing Director of Magnolia Capital. .

Magnolia’s vertically integrated platform will leverage a combination of real estate experience and knowledge, with a hands-on, technology-driven approach to improve oversight and accountability across the organization. NHR’s proprietary single-family technology platform streamlines the acquisition process while providing a dedicated all-in-one property management software solution to minimize execution risk and deliver a superior resident experience.

“Our core mission has always been centered on providing our residents with best-in-class service and a seamless end-to-end rental and living experience. We look forward to leveraging our long-standing expertise in operating single-family homes and our innovative proprietary technology on behalf of the partnership with Principal’s exceptional team,” said Dan Bednyak, President and Director of National Home. Rentals and Managing Director of SFR at Magnolia Capital. .

Magnolia Capital was advised by Eastdil Secured for capital investment services.

About Magnolia Capital Group

Magnolia Capital is a vertically integrated real estate investment management firm focused on identifying and creating value in the rental housing investment sectors. The company’s founding executives have a distinctive blend of institutional real estate investment experience combined with deep knowledge of technology and operational efficiency. Magnolia Capital has been involved in over $3.1 billion in multi-family and single-family real estate investments, representing over 8,500 units in more than 15 markets across the United States.

About Magnolia’s Single-Family Vertical, National Home Rentals

National Home Rentals (“NHR”) is a growing single-family home operator across the United States. Founded in 2017, the company has acquired more than 1,200 homes in seven states. Magnolia Capital and NHR have formed companies with plans to invest more than $2 billion in gross capital into single-family rental homes over the next few years and across various strategies.

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About the main real estate investors

Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and member of Principal Financial Group®. As one of the top 10 global property managers, Principal Real Estate Investors has over 60 years of real estate investing experience. The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $105 billion of commercial real estate assets (as of December 31, 2021).


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