Single-family rental (SFR) home operator Transcendent Electra has announced its rebranding to ARK Homes for Rent. Over the next five years, ARK Homes for Rent plans to acquire and develop approximately $3 billion in new SFR properties in addition to the $2 billion secured since forming the joint venture between Transcendent Investment Management and Electra America in 2021.
Continuing to be led by Jordan Kavana, he will now serve as founder and CEO of ARK Homes for Rent. “We are constantly looking for opportunities to disrupt the rental home industry, and our renters continue to appreciate it,” says Kavana. “I believe the ARK Homes for Rent will be the future of the SFR sector as we see more and more occupants enter the market over the next few years. They will want high-quality homes to rent with superior quality like what we offer.”
When the joint venture formed in 2021, Kavana leveraged the firm's partnerships with Electra America and its subsidiary, American Landmark Apartments, while focusing on acquiring and developing SFR scattered sites and build-to-rent (BTR) communities throughout the Sun Belt region. For over 30 years, American Landmark, led by Joe Lubeck, has specialized in acquiring, renovating, and repositioning apartment communities.
Combining Electra America and American Landmark’s experience, the leadership team has applied multifamily disciplines to create its SFR product. ARK Homes for Rent portfolio will continue to provide tenants with new homes with builder home warranties, expansive amenities, new and energy-conscious appliances, granite countertops, and hardwood floors.
Operating in Alabama, Florida, Georgia, North Carolina, South Carolina, and Texas, ARK Homes for Rent tenants will be given access to a proprietary preventive health and wellness platform created to encourage overall health and well-being, ARK Living, which will be available through the ARK Homes for Rent app. The app will also allow access to 24-hour customer service, tenant communications, and property maintenance.