Covey Homes by MORE Acquires New South Carolina Rental Community to Further Sun Belt Expansion

Covey Homes Midsomer offers easy access to Augusta, GA

PLANO, Texas, May 14, 2025 /PRNewswire/ -- Covey Homes by MORE announced today that it has acquired a new purpose-built single-family home rental community in Graniteville, SC, just northeast of Augusta, GA.

The community, Covey Homes Midsomer, was completed in late 2023 and has 75 one- and two-story detached homes. The three- to five-bedroom homes include fenced yards, two-car garages and private patios. Finishes include granite kitchen countertops, stainless-steel appliances, washers and dryers, smart entry locks and a variety of smart-home features. Covey Homes Midsomer is a pet-friendly community.

The community is just eight miles from Covey Homes Sweetwater in North Augusta, S.C., another Covey Homes by MORE community.

Covey Homes by MORE owns and operates more than 5,000 homes across 33 newly built rental communities, mostly in fast-growing Sun Belt states. The acquisition of Covey Homes Midsomer keeps with Covey Homes' focus on owning and operating newly built rental communities designed to provide a range of housing solutions to help ease the nation's housing shortage.

"Even in the face of some economic uncertainty, we continue to see strong demand for this increasingly desirable home-rental experience,'' said Mark Alfieri, CEO of MORE Residential, which owns and operates the Covey Homes by MORE brand. "As we have said since we launched Covey Homes in 2023, we will continue to provide a market for developers building new homes for rent.''

MORE Residential unveiled the Covey Homes brand as part of its joint venture with Stockbridge, the San Francisco-based investment firm. MORE Residential is led by the former management team behind Monogram Residential, a publicly traded REIT that was sold in 2017. Stockbridge MORE Communities, created in 2021, is focused on owning and operating newly built single-family rental communities in high-growth U.S. markets.

For more information, visit www.CoveyHomesbyMORE.com.

About MORE Residential
MORE Residential was formed by the senior management team behind the former publicly traded REIT, Monogram Residential, which created a residential portfolio exceeding $4.5 billion in total value that eventually sold to an institutional investor consortium in 2017. The MORE management team averages 30+ years of real estate industry experience and has extensive expertise working with institutional investors and development sponsors to invest capital through structures that maximize opportunities at various stages in the investment life cycle. MORE's focus is on residential rentals spanning lower-density single-family rental (SFR) and build-to-rent (BTR) communities to traditional high-density multifamily properties across U.S. markets.

About Stockbridge 
Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $35.2 billion of assets under management (as of December 31, 2024) spanning all major real estate property types, and certain specialty property types, with an emphasis on residential and industrial space throughout the United States.

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SOURCE Stockbridge MORE Communities