Miramonte Homes, an award-winning leader in residential development headquartered in Tucson, announced the launch of Miramonte Communities, a new company specializing in developing build-to-rent multifamily properties. The company announced its first communities in Arizona and Montana.
“As home buyers continue to face challenges, including supply and affordability, the market for rental homes has exploded,” said Eric Entringer, president of Miramonte Communities.
“Housing is significantly under-supplied nationally. Miramonte is focused on developing housing in markets that are severely under supplied throughout the Mountain West.”
Miramonte’s loft-style townhomes provide high quality living spaces with an open floorplan. Currently, there are over 1,400 units in planning, design and development across these markets with an eye on opportunities to provide housing in other markets facing housing constraints.
“Miramonte has been building quality homes for more than 30 years,” said Founder and CEO Chris Kemmerly. “We understand and adapt to shifting market trends to meet the needs of our customers. Given the current housing market, we know our townhomes are the right product at the right time helping fill the gap in housing needs.”
Miramonte is the operating partner for the new company, working with its investment partner ICM Asset Management to develop build-to-rent multifamily communities. “ICM Asset Management is a world-class alternative asset investor that has been in business for 20 years with $1.6 billion of assets under management throughout North America,” Kemmerly said. “We are extremely excited to partner with ICM to grow our build-to-rent platform throughout the Mountain West with a leader in real estate investment not only in the U.S. but in Canada and Mexico as well.”
“We are excited to be working with Miramonte Communities,” said Scott Myers, managing director with ICM. “As a leader of alternative investments including real estate, we look to partner with strong regional developers in growth markets. Miramonte Communities represents a great fit for our portfolio.”