Eyzenberg & Company arranged $25MM in joint venture equity for the development of a 190-unit build to rent community in a mix of ranch homes and two-story townhomes in Houston MSA, TX.
Challenges
The capital markets landscape was under pressure with elevated interest rates, cap rate expansion and rent growth tapering. Liquidity for joint venture equity overall had significantly diminished, in particular from domestic institutional capital sources that historically have an appetite for projects of this size and scope, leaving a void in the market.
