Canada’s national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage, Bloomberg News reported. Canada Pension Plan Investment Board will join with Greystar Real Estate Partners LLC, the largest property manager in the U.S., to build and acquire communities of single-family rental properties there, according to a statement Wednesday. CPPIB will own 95% of the $840 million joint venture and Greystar 5%. The surging price of homeownership in the U.S. has forced many families to consider renting single-family houses instead of buying, helping turn such properties into one of the hottest asset classes over the course of the pandemic. More than $30 billion has been committed to rental houses since 2020, according to deal announcements compiled by John Burns Real Estate Consulting. Read more.
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