(Bloomberg) — KKR & Co. is making a fresh play for the suburbs, forming a new single-family landlord, My Community Homes, that plans to buy and manage rental houses across the U.S.

KKR is investing in the platform through its real estate and private credit funds, according to people with knowledge of the matter, who asked not to be identified because the matter is private. The number of homes and geographies targeted by the venture couldn’t immediately be learned.

A representative for New York-based KKR declined to comment.

The firm’s latest wager comes as Wall Street plows money into rental homes, betting that aging millennials will want larger living spaces to raise kids, and low inventories lift prices out of the reach of many families.

KKR’s credit arm previously backed Home Partners of America, a single-family rental company that Blackstone Group Inc. agreed this week acquire for $6 billion. The firm is set to generate a roughly 20% internal rate of return, or IRR, from its 2014 and 2018 investments in the company, a person with knowledge of the matter said.

Elsewhere in the sector, Centerbridge and Allianz Real Estate said in March they led a $1.25 billion equity commitment to Upward America Venture, a partnership with Lennar Corp. that intends to buy homes. And Invesco Real Estate recently backed Mynd Management to spend as much as $5 billion on buying single-family rentals.

Miami-based My Community Homes is led by Chief Executive Officer Marcos Egipciaco, whose prior company, Sovereign Real Estate Group, helped institutional investors buy single-family rentals. His latest effort has hired staff in Florida, Georgia and Indiana, and has open positions in North Carolina, according to LinkedIn.

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