A joint venture between two Fundrise-sponsored funds has acquired a community of 87 detached, single-family rental homes in Palm Bay, Florida.
The rental community, known as Cypress Bay, was developed by D R Horton Inc (NYSE:DHI) and completed in February of this year. The community of homes was purchased by a joint venture between the Fundrise Interval Fund and the Growth eREIT VII for approximately $45.7 million.
According to the Fundrise website, approximately 41% of the homes were occupied at the time of acquisition.
Fundrise launched its Flagship Interval Fund in January 2021 and received financial backing from Goldman Sachs Group Inc. (NYSE:GS) in June 2021 with a $300 million credit facility to scale the fund’s investments in single-family homes.
The company has been extremely active with acquisitions in the single-family rental space. Fundrise-sponsored funds have recently purchased a community of 48 single-family homes in South Carolina, 106 homes on the Gulf coast in Mississippi, 120 homes in Pensacola, FL, and started multiple single-family rental community developments.
Related: 6 Ways Retail Investors Can Get Their Piece Of The Wall Street Housing Grab
While the Federal Reserve’s recent interest rate hike will likely help cool down the housing market, the demand for rentals is expected to continue growing since higher mortgage rates will still leave many people unable to afford to purchase a home.
During the first quarter of 2022, the Flagship Interval Fund had average assets under management of just over $851 million and provided a net total return of 5.11% to investors.
View current and upcoming real estate investment offerings through Benzinga’s Alternative Investment Hub.
Photo: Courtesy of Fundrise
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
