GTIS Partners, a real estate private equity firm headquartered in New York City, with offices in São Paulo, Los Angeles, San Francisco, Atlanta, Paris, and Munich, and 643 Capital Management, a real estate private equity firm focused on debt and equity real estate investments, today announced the launch of StreetLane Homes, an integrated single-family home rental investment and management company.

StreetLane and its predecessor entities have amassed a portfolio of more than 3,500 homes with an overall 94% occupancy rate, comprising $445 million in cost, in Atlanta, Dallas, Houston, Chicago, Las Vegas, South Florida, and Nashville. The company is among the 10 largest single-family home owner/operators in the U.S.

643 Capital’s founder and Chief Investment Officer Gregor Watson acquired 1,200 homes since 2009, spanning six states prior to 643’s joint venture with GTIS Partners. StreetLane is headquartered in San Francisco, with its property management affiliate headquartered in Dallas. In total, the company has 77 employees nationwide.

“Not since we first started speaking about the pending retirements of Baby Boomers has a group created as much of an impact on the U.S. economy as Millennials, who’ve now overtaken Boomers as the country’s largest and most influential generation,” said Tom Shapiro, President & CIO of GTIS Partners in a press release. “Research studies, and our empirical data, show that for a variety of reasons fundamental to their financial standings and preferences, Millennials, especially those at the younger end of the age range, often prefer to rent their homes rather than own them.”

GTIS in June 2016 entered a $160 million joint venture with Hovnanian Enterprises involving 2,340 lots in eight states.