Real estate investment and land asset management company Walton Global announced a joint venture with Boston-based real estate private equity firm Rockpoint to support the growing demand for single-family homes through rental communities. Rockpoint intends to invest up to $300 million in equity in Walton’s build-to-rent (BTR) business line. The joint venture is initially focusing on targets within Walton’s existing master plans and more than 81,000-acre land portfolio across the U.S.

“Walton’s experience in land and our large network of top builders coupled with the institutional knowledge Rockpoint brings to the BTR space strategically positions this joint venture to create needed housing for people across the country who are choosing to rent versus own,” says Bill Doherty, CEO of Walton Global.

Walton’s BTR platform was launched in 2021 with the goal of offering new housing solutions in high-demand home and rental markets. Rockpoint has experience in the single-family rental market, including both build-to-rent communities and the acquisition of existing homes, according to Walton.

Walton has an initial pipeline of approximately 3,500 units in expanding MSAs, such as Atlanta; Austin, Texas; and Jacksonville, Florida, that are targeted to be part of the joint venture. The companies said the joint venture is partnering with top national and regional builders to develop the communities.

The announcement of the joint venture follows Walton’s recent announcement of the closing of a $100 million facility provided by affiliates of funds managed by Fortress Investment Group. The funds will be allocated to Walton’s builder land financing business to acquire properties in high growth areas to support home demand across the U.S.