Institutional real estate investment firm Evergreen Residential Holdings LLC has locked down roughly $1 billion in capital commitments.
Evergreen, founded in 2021, announced the major achievement earlier this month, highlighting the continued desire of institutional investors to access residential real estate. The firm also said Kuvare Holdings and an affiliate of Property Asset Management (PAM) made a strategic investment with Evergreen.
The massive investments will fund Evergreen’s expanding equity, lending, and property management businesses.
“Evergreen Residential provides end-to-end support for investment in residential assets backed by personalized service and industry-leading expertise,” reads a description on the firm’s website.
According to Joseph Negri, founder and CEO of Evergreen, the firm has proven its value-add for institutional investors since its inception roughly three years ago.
“We believe the strong support we have received to date from world-class investors is a testament to what we have built,” Negri said in a November 19 press release.
Negri went on to say he expects residential investment opportunities to continue to expand.
“In our view, the U.S. residential asset class is highly fragmented and primed for further institutionalization. The shortage of available housing units relative to the number of families needing homes nationwide is estimated to be in the millions, creating strong tailwinds for our growth. The Evergreen team is well positioned to leverage our significant experience in single-family residential strategies—including build-to-rent—to address these housing needs while seeking to create value for all stakeholders—investors, residents, employees and the communities we serve,” he added.
Deva Mishra, CEO of PAM, echoed Negri’s comments.
“Evergreen has established itself as a differentiated platform underpinned by assets that are the right fit for PAM’s insurance company investors. We look forward to working closely with the team to continue to provide our clients with exposure to this asset class,” Mishra said.
Evergreen currently employs over 100 people, with over half based in Dallas.