Investment firm looks to make single-family rentals profitable in Philadelphia

TRD New York /
Dec.December 08, 2017 04:02 AM

The Steinbridge Group is buying houses in Philadelphia to test its theory that single-family rentals can be both profitable and affordable. CEO Tawan Davis told Bisnow that his company wants “to focus on people who need to live in and around the urban center, but can’t afford to buy a home because the starting price to get on the homeownership ladder is so high that working people can’t start owning as early as they might like.” Steinbridge has closed on 60 homes and is in contract on 40 more in Philadelphia. By the end of 2018, Davis hopes to spend $50 million on 500 homes in the city. [Bisnow]

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

Crowdfunding: Crowded out?

The Real Deal’s E.B. Solomont receives Front Page Award

SoftBank’s problem solver faces his biggest challenge yet: WeWork

Opendoor not looking to replace all agents — just some: CEO