RangeWater Real Estate Company Profile

Background

Founded in 2006, RangeWater Real Estate is a fully integrated real estate firm specializing in the acquisition, development, management, and investment of multifamily communities across the Sun Belt and Mountain West regions. With a mission to create fulfilling experiences for residents, employees, investors, and partners, RangeWater has developed and managed nearly 35,000 rental housing units, representing over $6.62 billion in total capitalization. The company's vision emphasizes innovation, collaboration, and an experience-first approach to redefine community living.

Key Strategic Focus

RangeWater's strategic focus encompasses several core objectives:

Development and Acquisition: Targeting high job growth markets with a demand for new housing, the company has expanded its portfolio to nearly 100,000 multifamily units across 12 states.

Build-to-Rent (BTR) Platform: Under the Storia brand, launched in 2020, RangeWater has become a leader in the BTR sector, managing over 23,000 homes across the country.

Age-Targeted Communities: Through the Olea brand, the company develops communities tailored for residents aged 55 and older, focusing on active and social lifestyles.

Property Management: RangeWater's property management division has grown significantly, managing 26,572 units in the Atlanta market alone, and ranking #1 on the Atlanta Business Chronicle’s list of Largest Apartment Property Management Companies.

Financials and Funding

Since its inception, RangeWater has developed and acquired nearly 35,000 rental housing units, representing more than $6.62 billion in total capitalization. The company has also raised and managed funds for direct investment in real estate, contributing to its balanced portfolio exceeding $6.3 billion.

Pipeline Development

RangeWater's development pipeline includes over $1.83 billion in projects across various markets, such as Atlanta, Austin, Bradenton, Charleston, Denver, Fort Worth, Jacksonville, Nashville, San Antonio, and Tampa. Notable projects include:

Maverick: A development featuring 435 apartments and townhomes along the Atlanta BeltLine, recognized as a finalist in the Best in Residential category for Atlanta Business Chronicle’s 2023 Best in Real Estate Awards.

Storia BTR Communities: Including Annalise in Bradenton, FL; Palo in Fort Worth, TX; Caliza at the Loop in San Antonio, TX; Lupine and The Armory serving Denver and Boulder, CO; Bellerose at Bees Ferry in Charleston, SC; Beacon on Lake Lanier in GA; The Mabry in Lawrenceville, GA; and Maverick’s Townhomes on the Atlanta BeltLine trail.

Olea Age-Targeted Communities: Olea Beach Haven and Olea eTown in Jacksonville, FL, designed for residents aged 55 and older.

Technological Platform and Innovation

RangeWater distinguishes itself through a fully integrated platform that encompasses development, construction, acquisitions, property management, and investment management. This comprehensive approach allows the company to leverage firm-wide expertise and data-driven insights to create value across all phases of the multifamily and build-to-rent investment life cycle.

Leadership Team

Steven Shores: Chairman and CEO. Appointed in 2017, Shores has been instrumental in leading RangeWater's strategic growth and innovation.

Michael Blair: Chief Operating Officer. Promoted in 2017, Blair oversees the company's operations, ensuring alignment with strategic objectives.

Tracy Bowers: Executive Managing Director. Bowers plays a key role in driving the company's development and management initiatives.

Ashley Casaday: Executive Managing Director of Capital Markets. Joined in 2022 to lead capital market strategies.

Emily Sweitzer: General Counsel. Appointed in 2022 to oversee legal affairs.

Patrick Burke: Senior Managing Director of Property Management, Build-to-Rent. Promoted in 2023 to oversee the BTR platform.

Leadership Changes

In 2022, RangeWater expanded its executive team with the appointments of Ashley Casaday as Executive Managing Director of Capital Markets and Emily Sweitzer as General Counsel. Additionally, Patrick Burke was promoted to Senior Managing Director of Property Management, Build-to-Rent in 2023.

Competitor Profile

Market Insights and Dynamics

The multifamily real estate market in the Sun Belt and Mountain West regions has experienced significant growth, driven by population increases and economic expansion. The build-to-rent sector, in particular, has gained traction as an alternative to traditional homeownership, catering to residents seeking rental options with the benefits of single-family living.

Competitor Analysis

Key competitors in the multifamily and build-to-rent sectors include:

Greystar Real Estate Partners: A global leader in rental housing property management, development, and investment.

Lincoln Property Company: A national firm specializing in real estate investment, development, and management.

Cortland: A multifamily real estate investment, development, and management firm with a focus on resident-centric services.

These competitors focus on similar markets and product types, emphasizing property management excellence, development capabilities, and investment strategies.

Strategic Collaborations and Partnerships

RangeWater has established significant collaborations to strengthen its market position and expand capabilities:

Storia Brand: Launched in 2020, this build-to-rent platform has rapidly expanded, with over 23,000 homes under management.

Olea Brand: Focused on age-targeted communities for residents aged 55 and older, with developments in Florida and plans for further expansion.

Operational Insights

RangeWater's integrated platform provides distinct competitive advantages:

Comprehensive Service Offering: Combining development, construction, acquisitions, property management, and investment management under one roof allows for streamlined operations and enhanced value creation.

Market Expertise: A deep understanding of high-growth markets in the Sun Belt and Mountain West regions enables the company to identify and capitalize on emerging opportunities.

Innovative Product Lines: The introduction of the Storia and Olea brands demonstrates RangeWater's ability to adapt to market trends and meet diverse resident needs.