Franklin Covey Company’s Covey Homes Expands with Acquisition of South Carolina Rental Community
- Covey Homes expands its portfolio with the acquisition of Covey Homes Midsomer in South Carolina, featuring 75 modern rental homes.
- The acquisition reinforces Covey Homes' commitment to addressing the housing crisis with high-quality rental experiences in growing areas.
- Covey Homes focuses on innovative residential models and smart technologies to enhance tenant satisfaction and modern living experiences.
Covey Homes Expands Footprint with Latest Acquisition in South Carolina
Covey Homes by MORE announces the acquisition of Covey Homes Midsomer, a newly constructed single-family home rental community located in Graniteville, South Carolina, just northeast of Augusta, Georgia. This community, finalized in late 2023, features 75 detached homes that range from three to five bedrooms, each equipped with modern amenities including fenced yards, two-car garages, and private patios. The homes are designed to meet the evolving needs of renters, offering granite kitchen countertops, stainless-steel appliances, and smart home technologies. The pet-friendly policy further enhances their appeal, catering to a demographic that increasingly seeks quality living environments for their families and pets.
The strategic acquisition of Covey Homes Midsomer reinforces Covey Homes' commitment to addressing the ongoing housing crisis by focusing on newly constructed rental communities. CEO Mark Alfieri underscores the persistent demand for high-quality rental experiences, noting that consumer interest remains robust despite economic uncertainties. This acquisition not only expands Covey Homes' portfolio but also aligns with the company's mission to increase the availability of well-designed rental options in rapidly growing areas. Covey Homes operates over 5,000 homes across 33 rental communities primarily in the Sun Belt states, a region marked by significant population growth and demand for housing.
Covey Homes by MORE was established as a joint venture between MORE Residential and the investment firm Stockbridge, leveraging the extensive real estate experience of MORE Residential's leadership team, which previously managed Monogram Residential—a publicly traded REIT sold in 2017. By focusing on innovative residential rental models, including single-family and multifamily properties, Covey Homes aims to create a sustainable market for developers dedicated to building modern rental homes. The expansion into Graniteville not only enhances their regional presence but also positions them to better serve the needs of residents in the sunny southern states.
In addition to its commitment to high-quality construction and tenant satisfaction, Covey Homes is focused on leveraging smart home technologies to enhance the living experience. With convenience and security at the forefront, these features cater to a tech-savvy demographic increasingly looking for modern amenities in rental properties. As the demand for quality housing options continues to grow, Covey Homes remains poised to meet the needs of this evolving market.
Overall, Covey Homes' latest acquisition highlights its strategic growth in the rental housing sector and its dedication to providing quality living spaces that meet contemporary standards. The company aims to redefine the landscape of rental housing by delivering homes that combine comfort, technology, and community within desirable locations.