Detroit-based Marketplace Homes has formed a strategic partnership with housing fund manager ResiShares of Oakland, Calif. to acquire, renovate, and manage single family investment properties in appreciating neighborhoods nationwide.
The partnership will focus on both upgrading housing stock for retail sale and on acquiring assets for ResiShares’ long-term rental portfolios.
“We have invested tremendously over the past 16 months to redefine Marketplace as the premier provider of property management solutions, so the synergies between our two groups are compelling,” says William Dickson, president of Marketplace Homes. “This housing market is both one of the most exciting and most challenging in recent memory, and we are delighted to partner with a group that will navigate the volatility to find outperformance through the cycle.”
ResiShares’ proprietary acquisition platform identifies markets, micro-neighborhoods, and assets with favorable yield, growth, and risk characteristics based on a collection of data assets and optimization algorithms.
“We see this partnership as both a validation of our strategy by an experienced operator and the establishment of an integrated SFR platform with instant scale,” says Michael Greene, CEO of ResiShares. “The past decade of institutional experience in SFR has shown vastly different return outcomes between investment strategies, even in the same housing markets. The top performers have combined asset selection edge with best-in-class operations on the ground.”
As vertically integrated partners, Marketplace Homes will work with ResiShares on all aspects of its portfolio assets, including transaction support, construction, leasing, and property management.
Finance Michigan Inc., the sole owner of Marketplace Homes, is taking an undisclosed equity stake in ResiShares.
“We’re very excited to build a vertically integrated real estate platform to buy, rehab, and lease homes on a national scale,” says Stan Dickson, CEO of Finance Michigan. “This is a win for ResiShares, Marketplace Homes and all of our customers.”