Adobe Stock / Chris Burk

Transcendent Electra, a joint venture between single-family rental platform Transcendent Investment Management and longtime multifamily owner/operator Electra America, will add nearly 3,500 new single-family homes and townhomes to its portfolio through a more than $1.25 billion transaction.

The joint venture is acquiring the homes from an undisclosed corporate seller. The first phase includes new-construction communities with 1,424 single-family homes and townhomes in Atlanta and Athens, Georgia; Tampa, Florida; and Pinehurst, North Carolina. These transactions top $504 million.

More than 2,000 additional units totaling $750 million will follow in Florida, Georgia, South Carolina, and Texas. The entire portfolio is expected to be delivered by the end of this year, according to the joint venture.

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