Toronto-based Great Gulf Group announced the launch of Beacon Residential, the company's purpose-built, single-family rental community division.
Since 2020, Great Gulf Group, along with its LP investors, have committed $260 million of their $400 million target to over 2,300 homes across 16 communities in the metropolitan areas of Charleston, South Carolina; Orlando, Florida; Austin, Texas; Houston; Tampa, Florida; Dallas; and San Antonio.
"The launch of Beacon Residential could not have come at a better time,” says Kiel O'Sullivan, president at Beacon Residential. “While we've had an active portfolio in this asset class for over three years, we recognized the opportunity to formalize our activities with the launch of a dedicated brand.”
Beacon Residential will be a subsidiary of Great Gulf Group, an international real estate developer with 48 years of experience. The company has built more than 30,000 homes in Canada. Through its U.S. sister company, Ashton Woods Homes, the group also has delivered more than 70,000 homes across eight American states.
The new build-to-rent brand’s professionally managed communities offer a maintenance-free lifestyle, along with a wide array of amenities such as smart-home technology, lawn care, pest control, and 24/7 emergency maintenance. Residents also enjoy access to community amenities that include pools, dog parks, playgrounds, and more.
"In the last couple of years, our communities have helped bring the benefits of apartment-style living to a single-family home setting, a market that has been underserved," continues O'Sullivan. "With demand driven by strong job growth, low taxes, high affordability, low unemployment, and the desirability for homes in warmer climates, we recognize the Sun Belt's appeal to a new wave of renters who prioritize flexibility and an array of other turnkey options over homeownership.”