(Bloomberg) -- JPMorgan Chase & Co.'s asset management arm increased its bet on single-family rental homes, more than doubling the size of a joint venture with landlord American Homes 4 Rent.
JPMorgan's Strategic Property Fund, which invests on behalf of clients, partnered with the single-family rental operator early this year. The parties expanded the joint venture to $625 million, up from $250 million, American Homes 4 Rent said in a statement Thursday.
The increase was agreed to after the end of the first quarter, demonstrating confidence that economic fallout from the Covid-19 pandemic won't diminish demand for rental houses. The expansion provides more capital for construction and operation of the properties.
American Homes 4 Rent, founded by billionaire B. Wayne Hughes in the aftermath of the U.S. foreclosure crisis, operates more than 50,000 homes. Through May 5, the company said it had collected 95% of rent for April, and 82% of rent for May.
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