Laseter Development Group Sets High Ambitions in Southeast Housing

News Summary

Laseter Development Group, backed by major investors, aims to transform the Southeast housing market with a focus on build-to-rent developments. Launching projects in Atlanta and Nashville, they plan to address the housing shortage with high-quality, affordable homes. Spearheaded by CEO Whit Marshall, their commitment to community needs and strategic partnerships marks a significant step towards reshaping the housing landscape in the region.

Laseter Development Group Launches with High Ambitions in the Southeast Housing Market

The landscape of single-family rentals in the Southeast U.S. is poised for transformation as the Laseter Development Group bursts onto the scene. A brainchild of institutional investors, notably J.P. Morgan Asset Management alongside Georgia Capital and Paran Homes, this partnership kicks off with a shared vision: to tackle the growing housing shortage through the development of high-demand residential properties.

Structured as a vertically integrated build-to-rent (BTR) development company, Laseter Development aims to deliver premium yet affordable housing options across the Southeast. As the new entity evolves, they have chosen to break ground on their inaugural projects in the bustling suburbs of Atlanta, GA and Nashville, TN, starting with a total of 291 homes – 165 in Atlanta and 126 in Nashville.

Strategic Focus Amid Demographic Shifts

The strategic choice of BTR as a focal point for investments has been underscored by notable demographic trends and robust job growth in the Sunbelt. This growing emphasis on BTR not only creates enhanced value for clients but also addresses pressing community housing needs. The collaboration between premier financial institutions and seasoned developers signifies a serious intent to reshape the residential landscape.

At the helm of this ambitious endeavor is Whit Marshall, who has been appointed as the Founder and CEO of Laseter. With over two decades of expertise in land development and residential construction, Marshall brings a wealth of knowledge that will be pivotal as Laseter aims to establish its foothold as a leader in the BTR market.

Impressive Background of Partnership Players

The partnership between J.P. Morgan Asset Management, Georgia Capital, and Paran Homes is not a novice endeavor. Since entering the BTR space in 2020, Georgia Capital and Paran Homes have successfully developed ten BTR properties, adding over 3,000 single-family homes to their roster and managing more than 6,000 residential lots since 2010. Meanwhile, J.P. Morgan boasts a significant portfolio, overseeing $2 billion in single-family rental assets across 65 communities in the U.S.

Laseter aims to stand out by committing to the development of high-quality BTR communities, utilizing in-house expertise while collaborating with external partners for further developments. In addition to residential creation, they will also offer general contracting services to other BTR developers, ensuring a comprehensive impact on the housing sector.

Progress in Atlanta Housing Initiatives

Terri M. Lee as President and CEO, the Atlanta Housing Authority has made marked progress toward its goal of creating and preserving 10,000 affordable housing units. In 2024 alone, nearly 3,200 households gained stable access to housing through the development of new properties, alongside the preservation of existing units.

Key initiatives taken by Atlanta Housing include several notable projects such as The Proctor and the Heritage Village at West Lake, along with the renovation of the beloved Cosby Spear. The agency is also engaging in transformative projects like the $63.6 million Bowen Homes Redevelopment Project, backed by a substantial $40 million HUD grant, set to uplift community dynamics.

Multi-Family Developments Elevating Community Standards

Atlanta Housing is not stopping at multifamily developments, having secured a significant $28.3 million construction loan for a new project in Chosewood Park. This initiative aims to replace the former Englewood Manor complex with 200 new residential units and over 21,000 square feet of commercial space, designed to cater primarily to families earning less than 60% of the area median income.

Corporate Contributions to Housing Solutions

Add to this the philanthropic arm of J.P. Morgan Chase, which has committed a whopping $3.75 million to organizations tackling housing supply and affordability challenges in Atlanta. This funding is targeted at issues like heirs property to foster homeownership and enhance generational wealth for low-to-moderate-income families.

J.P. Morgan Chase has a long-standing commitment to Georgia, channeling over $14 million in donations since 2019. This track record reflects a dedication to advancing inclusive economic development and luring more support to the affordable housing sector.

As these ambitious projects unfold, the multifaceted approach of collaboration, innovation, and deep community engagement is set to not only enhance the housing stock but also bolster community stability throughout Atlanta and the broader Southeastern region.

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Additional Resources

• The Atlanta Voice
• Wikipedia: Philanthropy
• PR Newswire
• Google Search: Atlanta housing progress
• Axios
• Google Scholar: institutional investors housing Atlanta
• The Real Deal
• Encyclopedia Britannica: Affordable housing