Real estate investment and operating platform Wrightwell has secured a new financing round while forging a partnership with Bain Capital and Saluda Grade. The deal will yield as much as $300 million in new investments into single-family rental (SFR) and built-to-rent (BTR) properties.
The agreement, announced on Monday, will aim to address “critical residential housing needs across the U.S.,” according to a statement from Wrightwell.
“We are thrilled to welcome Bain Capital to our platform and to deepen our longstanding partnership with Saluda Grade,” Anthony DePalma, co-founder and CEO of Wrightwell, said in a statement. “Both organizations bring extensive expertise in direct investments in U.S. housing and financing operating companies.”
The deal is an execution for captive capital, but the Wrightwell platform has the potential to assist any market participant with their real estate needs, DePalma added.
The primary focus of the partnership will be on “creating and enhancing affordable housing options for lower- and middle-income families and individuals, combining Bain Capital’s and Saluda Grade’s investment experience with Wrightwell’s end-to-end operational capabilities,” the announcement explained.
The adaptability of Wrightwell to a changing mortgage rate environment helped to make its suitability for the task clear, according to Brad Hartung, senior portfolio manager at Saluda Grade and a board member at Wrightwell.
“This strategic partnership will help bolster management’s ability to execute on the firm’s growth strategy and secure long-lasting commercial partnerships that should drive value creation for all stakeholders,” Hartung said. “We are excited to see Wrightwell continue to enhance its servicing of the unmet needs that exist in the real estate market.”
To better accommodate its national expansion plans, Wrightwell also made a series of new leadership appointments. Chris Poston, based in Atlanta, will serve as executive vice president of property and asset management. Mark Woodling is the EVP of brokerage, based Dallas. Jonathan Salyer is the EVP of construction, based in Phoenix, while Erin Taylor is the EVP of finance and accounting, also based in Phoenix.
“We are excited to add such a deep bench of industry veterans to our team,” Alex Kahn, co-founder and chief operating officer of Wrightwell, said in a statement. “Their expertise, deep experience and understanding of the U.S. housing market will strengthen Wrightwell’s efforts to establish itself as a key provider of real estate operating and investment services to all market participants.”