ATLANTA, April 20, 2021 /PRNewswire/ — Quinn Residences (“Quinn” or the “Company”), a leading owner and operator of dedicated communities of single-family rentals, announced today the completion of a recapitalization and upsizing of the Company led by funds affiliated with Conversant Capital (“Conversant”).
Quinn owns and operates communities of newly-built single-family rental homes in select markets across Southeastern United States. The Company was formed in February 2020 by Douglas Caraballo, Joseph DaGrosa, and David Neithardt (together, the “Co-Founders”) with an anchor investment from funds affiliated with Conversant.
As part of the recapitalization, Conversant will commit up to $600 million of equity capital to fund Quinn’s future growth, strengthening its position as the leading owner of high-quality purpose-built single-family rental communities in the Southeast. Following the recapitalization, Conversant became the majority shareholder of Quinn, while the Co-Founders will remain significant minority shareholders with representatives on the Board of Directors of the Company.
“Quinn has grown rapidly since its formation becoming a leading owner of high quality, reasonably priced, single-family rental homes in the Southeast,” said Michael Simanovsky, Founder and Managing Partner of Conversant and Chairman of the Board of Quinn. “Based on the Company’s success to date, and our confidence in its future, we are delighted to have deepened our partnership with Quinn, its Co-Founders, and management team to accelerate their mission of creating the modern home for the modern renter.”
“Since its inception, Quinn has been focused on re-imagining the single-family rental experience,” said Richard Ross, President of Quinn. “Our team is passionate about creating the best possible residential experience, which is reflected in our commitment to providing residents with unparalleled service. This transaction provides additional capital that will allow us to continue investing in communities across the Southeast, offering homes that are specifically designed for today’s contemporary lifestyle.”
“Since our formation just over a year ago, we have eight communities comprising over 1,000 homes, in various stages of development,” said Douglas Caraballo, Co-Founder and Executive Vice President of Acquisitions for Quinn. “This transformative upsizing and growing partnership with Conversant provide us with significant strategic capital to further expand our relationships with our builder partners and positions us perfectly to continue growing in the fastest growing markets.”
About Quinn Residences
Quinn Residences is a privately held real estate operating company focused on acquiring, developing, and operating dedicated single-family rental communities, located primarily in the Southeastern United States. Quinn develops exceptional neighborhoods in the belief that better living starts with a great neighborhood, fantastic amenities, and a no-maintenance way of life. For more information visit https://live-quinn.com/, call 866-784-6673 (866- QUINNRE) or email [email protected].
About Conversant Capital LLC
Conversant Capital LLC is a private investment adviser founded in 2020. The firm pursues credit and equity investments within the real estate, digital infrastructure and hospitality sectors in both the public and private markets. Further information is available at www.conversantcap.com.
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SOURCE Quinn Residences