Material Capital Partners Completes Exit of The Preserve at Sweetwater, Expands BFR Pipeline in the Southeast
Michimich.com/10238264

CHARLESTON, S.C. - Michimich -- Material Capital Partners ("MCP"), a vertically integrated real estate development and investment management firm headquartered in Charleston, SC, is pleased to announce the acquisition of The Preserve at Sweetwater. The 89 home build-for-rent community development in North Augusta, SC was acquired by MCP's joint venture investment partner, a venture between MORE Residential ("MORE"), a Plano, TX-based rental housing owner and operator, and San Francisco-based investment firm, Stockbridge. The Preserve at Sweetwater will be rebranded under MORE's Covey Homes brand of single-family build-for-rent communities.

The Preserve at Sweetwater is a Class-A rental community offering residents upscale 2 and 3-bedroom cottages and townhomes with attached garages, and an array of amenities, including a premium fitness center, game lawn and oversized pet park. The community is located near the intersection of I-20 and I-520, just minutes from downtown Augusta, GA. The community was built by MCP's dedicated construction firm Winchester Commercial Group.

The Augusta metropolitan area has grown significantly over the past five years. The presence of major employers such as the US Army Cyber Command at Fort Gordon, Bridgestone, and Rolls-Royce are creating strong demand for rental housing.

"North Augusta is experiencing strong growth from renter demand," said Joel Presley, MCP Partner and Augusta resident for 30 years. "It has a well-deserved reputation for quality of life. Located between Aiken and Augusta, the city benefits from wonderful amenities and new jobs combined with low cost of living and low cost of housing."

More on Michimich.com

• Michigan Computer Supplies Expands Reach into Livingston County with New Brighton Service Offerings
• $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
• West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
• Delta Industrial Provides Custom Flatwork for Factory Floors
• American Plastic Solutions Launches FAQ to Provide Tailored Plastic Fabrication Solutions

The acquisition of The Preserve at Sweetwater is a significant milestone for MCP and its pipeline of build-for-rent projects under development throughout the Southeast.

"We are pleased to announce the acquisition of The Preserve at Sweetwater by MORE Residential and Stockbridge," said Alex Chalmers, Managing Partner of MCP. "This community is a great example of our ability to identify, develop and deliver high-quality build-for-rent communities in growing markets throughout the Southeast that are attractive to institutional buyers.

For more information about The Preserve at Sweetwater, Material Capital Partners, or any of MCP's other build-to-rent projects, please contact hello@materialcapitalpartners.com.

About Material Capital Partners
Material Capital Partners LLC ("MCP") is a real estate development and investment management firm based in Charleston, SC focused on purpose-built single-family build-for-rent communities throughout the Southeast. Our communities of single-family rental homes combine the welcoming feel of a desirable neighborhood with the flexibility and ease of maintenance-free living, premium Class-A amenities and experienced property management. For more information, visit www.materialcapitalpartners.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. For more information, visit www.moreresidential.com.

More on Michimich.com

• AdviCoach of Southeast Michigan Helps Business Owners at Every Stage
• The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
• Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
• New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
• The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side

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 $33.8 billion of assets under management (as of June 30, 2023) across its two primary business lines, spanning all major real estate property types, and certain specialty property types, throughout the United States. The firm has offices in San Francisco, Atlanta and Chicago. For more information, visit www.stockbridge.com.