
Investment brokerage Atlas Real Estate has entered into a joint-venture partnership with DivcoWest to invest $250 million of equity in single-family rental homes in high-growth states throughout the western U.S.
In total, the joint venture expects to deploy $1 billion to acquire and renovate homes in Arizona, Colorado, Idaho, Nevada, and Utah, where Atlas Real Estate manages over 4,200 units across eight markets. The buy/sell brokerage transacts over $1 billion in real estate annually.
“DivcoWest’s partnership with Atlas is a testament to our decade-plus history as an acquisition partner and the long-standing relationships we have cultivated with institutional investors since our inception,” says Ryan Boykin, co-founder of Atlas Real Estate. “The start of this new joint venture also points to the strength of the SFR housing sector and to the full-service real estate investment platform Atlas has created.”
This joint venture marks DivcoWest’s first movement into the single-family rental investment market. The investment firm is headquartered in San Francisco, with offices across the country, and along with its predecessor has acquired approximately 48 million square feet of commercial space since its inception. Its portfolio includes office, R&D, lab, industrial, retail, and multifamily properties.
“The new partnership between Atlas and DivcoWest enables us to live up to our mission as a company: ‘to uplift humanity through real estate,’” says Tony Julianelle, CEO of Atlas Real Estate. “The joint venture will function to increase the inventory of single-family rentals in Atlas-managed markets, presenting a tangible opportunity to serve people and create a positive resident experience while helping meet the supply demands by providing high-quality housing.”