Named “Multifamily Development Firm of the Year” by The National Association of Homebuilders, RangeWater’s 2022 Highlights Include 2 RangeWater Construction groundbreakings, 12 Development Starts, 3 Strategic Acquisitions and Unprecedented Growth of Third-Party Management
ATLANTA (Jan. 24, 2023) – RangeWater Real Estate closed out a banner year, achieving significant milestones as it continued its expansion across the Sun Belt and Mountain West. A record 204 communities awarded under the firm’s property management division, alongside 12 new development closings – several of which earmarked as future Build-To-Rent (BTR) neighborhoods and age-targeted communities – and the first in-house construction division groundbreakings all contributed to 2022’s great success.
The year kickstarted with recognition by The National Association of Homebuilders (NAHB). For the second time in company history, RangeWater was named “Multifamily Development Firm of the Year” during the Multifamily Pillars of the Industry Awards in January. RangeWater was also chosen as The Institute of Real Estate Management’s (IREM) 2022 “Innovator of the Year” in October for the firm’s Artist-In-Residence program that supports up-and-coming artists while simultaneously beautifying communities for both residents and local citizens to enjoy.
With more than $1.83 billion of development in the pipeline, RangeWater announced 12 new projects last year in Atlanta, Austin, Bradenton, Charleston, Denver, Fort Worth, Jacksonville, Nashville, San Antonio, Tampa, and other strategic submarkets. The real estate firm also acquired value-add multifamily assets in San Antonio, Sarasota and Atlanta.
Since its inception in 2006, Atlanta-based RangeWater Real Estate, a fully integrated rental housing company, has rapidly expanded across 188 cities in 13 states, where it has acquired and developed upwards of 35,000 rental housing units representing more than $6.62 billion in total capitalization. RangeWater currently manages a portfolio of nearly 100,000 multifamily units and 428 communities.
“As we reflect on our 2022 accomplishments, we are most proud to continue leveraging the insights learned across our disciplines to benefit clients, partners and residents alike,” said Steven Shores, RangeWater’s chairman and CEO. “As we face some headwinds, we believe the strength of our integrated platform – inclusive of development, property management, acquisitions, and investment management – will enable us to take advantage of opportunities and deliver industry-leading results. We love the challenge that 2023 brings.”
RangeWater’s strategic growth is escalated by its expanding BTR portfolio under the Storia brand and third-party management in the single-family sector currently operating in 85 cities for more than 30 clients.
As an early mover in single-family rental housing, RangeWater’s strategy to capitalize on the sector has proven viable in the last two years. In 2022, the development team broke ground on six new Storia BTR communities totaling 1,007 units, increasing RangeWater’s owned BTR portfolio by 228%. Storia’s footprint rapidly expanded to a diverse range of RangeWater’s most dynamic target Sun Belt markets, including Annalise in Bradenton, FL, Palo in Fort Worth, TX, Caliza at the Loop in San Antonio, TX, Lupine and The Armory serving Denver and Boulder, CO, Bellerose at Bees Ferry in Charleston, SC, Beacon on Lake Lanier in GA, and in the Atlanta metro area, The Mabry in Lawrenceville and Maverick’s Townhomes on the Atlanta BeltLine trail.
“It’s remarkable that in just two years, Build-To-Rent neighborhoods now represent 20 percent of our overall management portfolio unit count, with conventional multifamily making up the rest,” said Shores. “RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine community. We’ve been awarded 147 BTR projects representing 19,146 homes across the country. With the dramatic slowdown in homebuying, we anticipate that the demand of rental housing will continue to rise and single-family rentals will be a solid play long-term.”
The firm’s Olea brand, RangeWater’s age-targeted, 55 and older communities, also contributes to the company’s strategic growth. RangeWater opened its first two Olea properties in Florida in August 2020 and experienced high leasing velocity leading to stabilization within a year. The age-targeted communities are purposefully designed for empty nesters looking to lead an active and social lifestyle in a multifamily environment. Olea Beach Haven is currently under development as RangeWater’s first age-restricted asset opening in 2023 followed closed by Olea eTown, both in Jacksonville, FL.
This past June marked the introduction of RangeWater’s new construction division, RangeWater Construction. Led by Alp Kirmizioglu, the new division launched in tandem with the groundbreaking of The Mabry and The Margot, a beautifully designed community of townhomes, detached single-family homes and apartment homes for rent in Lawrenceville, GA, one of the hottest corridors in metro Atlanta in the second fastest growing county in the state. RangeWater Construction is currently overseeing the construction of The Margot’s 332 multifamily units as well as Tortola’s 288 apartment homes in Wesley Chapel, FL.
A testament to the firm’s commitment to strategic growth and long-term ambitions, RangeWater has carved out new business development positions within the property management arm, as well as hired over 990 new employees. As its footprint expands, RangeWater promoted veteran team member Bobbie Norris to managing director of business development.
With Norris’s leadership, RangeWater has more than doubled the number of communities under management, from 176 in 2020 to 428 to date. In 2022, RangeWater was awarded over 200 communities or 39,337 units, bringing the firm’s portfolio to nearly 100,000 apartments under management today. Helping Norris support that growth is Danielle Koontz, who joined as senior director of business development this past August.
Other strategic team additions include Andrew McIntyre as senior managing director of development focusing on all aspects of the firm’s Southeast and Southwest projects from conceptualization to execution.
“Each member of our team contributed to our remarkable year,” added Shores. “RangeWater’s entrepreneurial approach to rental housing and keen focus on collaboration continues to fuel our success in 2023 and beyond.”