Middleburg Communities has launched The Hamlet to satisfy the growing demand for single-family rental properties in high-growth Southeastern markets, including Charlotte and Raleigh, North Carolina; Charleston, South Carolina; Jacksonville, Florida; Nashville, Tennessee; and Richmond, Virginia.
A fully integrated multifamily development, investment, construction, and management company in the Southeast and Mid-Atlantic, the firm’s research has made a case for the single-family build-to-rent model.
“Industry research as well as our internal proprietary studies make a compelling case for single-family rentals, with strong and unmet demand due to a lack of product,” notes Patrick Lynch, vice president for research. “Our communities will tap proven design models with backyards and privacy that provide the consumer with the best of the single-family rental product with apartment-like amenities and a maintenance-free lifestyle.”
According to Middleburg research, 93% of the existing stock of single-family product is 20 years or older, often requiring a lot of maintenance.
The Hamlet, which touts being “home rentership—all the comforts of homeownership with the ease and flexibility of renting—will blend the comforts of a single-family home and the welcoming feel of a neighborhood with maintenance-free living and access to a wealth of amenities. The homes will utilize Traditional Neighborhood Design principles with cottages oriented toward shared outdoor spaces. Sustainability and walkability will also be prioritized in the design of the communities.
“Middleburg has developed a unique product that will become a dominant choice for renters in the Southeastern U.S.,” says managing partner Chris Finlay. “With over 15 sites under development currently, and more in the immediate pipeline, we are excited to be providing a superior and highly demanded new product offering to these markets.”
The firm anticipates that the communities will draw from current apartment renters as well as existing single-family renters and would-be buyers. The communities will be located in high job growth markets near major arterial highways, grocery stores, retail, entertaining, health care services, quality school districts, and job centers.
