Rescore is a private REIT with equity commitments of approximately $450 million. The REIT acquires land and assets to be developed into new urban infill apartment communities.
Leveraging Encore's expertise in distressed and off-market sourcing, Rescore has acquired 8 properties for development as of January 2016 which combined with its pipeline of potential acquisitions represents a portfolio of over $800 million in capitalization.
Rescore is positioned to take advantage of ongoing demographic shifts which have significantly increased the number of renter households in the United States including: an increasingly mobile workforce, a return to the urban core from the suburbs, Millennial generation (25-34 year olds) delaying life changes such as marriage and family, and retiring baby-boomers and empty-nesters downsizing their housing. Combined with historically low construction of new apartments from 2008 through 2012 and the challenges in obtaining mortgages with today's tight lending standards, these trends have created localized multifamily rental supply/demand imbalances which Rescore seeks to exploit.
Rescore is currently building and targeting future development of new apartments in urban and infill locations within cities that are experiencing strong job and household growth, including San Francisco, Los Angeles, Austin, Miami / Ft.Lauderdale, Orlando, Portland, and Phoenix / Scottsdale.
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