In brief: Affordable housing impact manager adds single-family muscle

'Single-family homes must play a role' in solving the US's housing affordability crisis, says Center Creek chief Dan Magder. The firm is raising its third affordable housing fund.

A real estate manager is zeroing in on affordable single-family rentals to address the US’s housing crisis. Center Creek Capital Group has hired Megan McNulty as portfolio management director to oversee deployment strategy and acquisitions for two active funds.

Center Creek’s strategy involves “generating positive social impact through the conversation of deteriorating housing stock into affordable rental homes, while also providing strong financial returns to our investors”, the firm’s founder and chief executive, Dan Magder, said in a statement. “We know that the nation’s housing affordability crisis cannot be solved with multifamily apartment buildings alone; single-family homes must also play a role.”

McNulty was previously a vice-president focused on single-family rentals at the Promise Homes Company and a private banking portfolio manager at Merrill Lynch.

Center Creek is targeting $150 million for its third fund. Investors in Fund III include Capricorn Investment Group, Regions Financial Corporation and Truist Financial Corporation Pension Fund.