Winstead’s Single-Family Rental (SFR) and Build-For-Rent (BFR) Practice Group services the rapidly expanding needs of our existing and future clients in the SFR and BFR markets. Winstead’s breadth of experience as a full-service firm has enabled us to create a dedicated team to represent developers, builders, lenders, and operators in all aspects of the SFR product, with a specialty in structuring BFR communities. Winstead has long been a leader in master-planned community development and operations, and has been at the forefront of strategically accommodating BFR product in or adjacent to master-planned communities. Our experience includes acquisition, community governance, project financing, construction, joint venture formation, development agreements, zoning and entitlements, leasing forms, operations, community policies and governance, and property disposition.

Overview of Legal Services

Acquisition

Negotiation, documentation and administration of contracts for the acquisition of land for residential development or existing rental portfolios from initial negotiations through closing.

Community Governance

Preparation and administration of new community governance systems, including incorporation of BFR product and agreements regarding amenity and cost sharing, as well as diligence review and identifying key issues and recommendations related to existing covenants and structuring.

Entitlements

Winstead assists with obtaining development entitlements from appropriate regulatory authorities, negotiation of economic and development agreements, and rental registration requirements where applicable.

Construction

Drafting and negotiating contracts for construction of single-family rental homes.

Financing

Representation of both lenders and debtors in negotiation of development and acquisition loans for single-family rental portfolios, typically in the range of 300 to 400 homes, but with certain loans exceeding 1,000 homes as collateral.

Joint Ventures

Preparation of partnership and company documents for a variety of tax-advantageous real estate development and investment ventures.

Leasing

Preparation of new form leases and review of existing preferred leases, harmonizing with existing or proposed restrictive covenants.

Operations

Preparation of day-to-day operational documents and agreements for the provision of services unique to single-family rental portfolios.