MORE Residential continues expansion in single-family rental sector
Covey Homes by MORE announced today that it has acquired a new purpose-built single-family home rental community in Tallahassee, Florida, to meet the state's growing demand for quality homes in modern, desirable and conveniently located neighborhoods.
Claret Village at Lafayette Trail will be renamed Covey Homes Tallahassee. Completed in February 2025, the community has 182 single-story homes, each with an attached garage, private patio and front porch entryway. The two- and three-bedroom homes feature energy-efficient stainless-steel appliances, washer/dryer sets and designer lighting. Covey Homes by MORE expects to add additional amenities to the existing community pool and covered patio, including a grilling station and more pool-area dining and seating areas.
Located on the east side of Tallahassee near March Road, the community is just five miles from Florida's State Capitol and six miles east of Florida State University. Like much of Florida, Tallahassee and Leon County have experienced robust population growth in the past decade, and growth is expected to continue through the remainder of this decade.
“This community is a terrific addition to the Covey Homes portfolio,'' said Mark Alfieri, CEO of MORE Residential, which owns and operates the Covey Homes by MORE brand. “Tallahassee is a dynamic, well-educated and growing community. These new homes provide a for-rent housing option that has not been widely available in this market.''
With the acquisition, Covey Homes by MORE now owns 34 newly built rental communities, with a total of more than 5,000 homes, mostly in the Sunbelt. The acquisition of Covey Homes Tallahassee keeps with Covey Homes' focus on owning and operating newly built rental communities designed to provide a range of housing solutions to help ease the nation's housing shortage.
MORE Residential unveiled the Covey Homes brand in 2023 as part of its joint venture with Stockbridge, the San Francisco-based investment firm. The venture, Stockbridge MORE Communities, is led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. Stockbridge MORE Communities is focused on owning and operating newly built single-family rental communities in high-growth U.S. markets and maintains gross purchasing power of over $4 billion.
“Stockbridge is committed to providing high-quality, newly built for-rent housing solutions in growing communities nationally,'' said Alex Lachman, Portfolio Manager at Stockbridge who oversees the venture with MORE Residential. “We believe build-to-rent communities play a key role in expanding the supply of housing in this country.''
For more information, visit CoveyHomesbyMORE.com
About MORE ResidentialMORE Residential was formed by the senior management team behind the former publicly traded REIT, Monogram Residential, which created a residential portfolio exceeding $4.5 billion in total value that eventually sold to an institutional investor consortium in 2017. The MORE management team averages 30+ years of real estate industry experience and has extensive expertise working with institutional investors and development sponsors to invest capital through structures that maximize opportunities at various stages in the investment life cycle.MORE's focus is on residential rentals spanning lower-density single-family rental (SFR) and build-to-rent (BTR) communities to traditional high-density multifamily properties across U.S. markets.
About StockbridgeStockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $35.7 billion of assets under management (as of March 31, 2025) spanning all major real estate property types, and certain specialty property types, with an emphasis on residential and industrial space throughout the United States.
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SOURCE Covey Homes by MORE Residential
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