Property in Arizona owned by Atlas Real Estate that is an example of the homes they are targeting. Image courtesy of Atlas Real Estate

Real estate investment firm DivcoWest is investing $250 million in equity in a joint venture with Atlas Real Estate that plans to deploy $1 billion into acquiring and renovating homes for the single-family rental market throughout the Western United States. The JV marks DivcoWest’s entry into the growing SFR market.

The joint venture has already closed its first acquisition in Tucson, Ariz., a property at 4300 W. Bunk House Road, and a handful of properties are currently under contract throughout Arizona, Colorado and Nevada, according to Vincent Deorio, vice president of corporate development.

Noting more offers are going out to buyers in Idaho and Utah this week, he said the JV expects to acquire about 2,500 homes for this initial fund with DivcoWest.

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