Gehan Homes, a Dallas-Fort Worth homebuilder, buys 80% of Southern Impression Home to enter into the rental housing market.
“This transaction provides our company entry into the emerging and evolving build-to-rent space and provides an opportunity to diversify our offerings,” John Winniford, president and CEO of Gehan Homes, said in a statement, noting the. “As the macro environment changes, higher home prices and rising interest rates should only increase the demand for rental homes.”
Southern Impression Homes operates in the northeast, north central and southwest areas of Florida. The company has developed townhomes, single-family homes, duplexes, quadplexes and small apartment complexes. It owns and controls about 5,000 lots. The Florida builder’s single-family rentals range from 1,200 to 2,000 square feet, and its multifamily units range from 950 to 1,300 square feet. Its clients include both individual real estate investors buying homes for their personal portfolio and institutional investors building large-scale rental operations.
Those include Texas, Arizona, Colorado and Tennessee, where the company has built more than 120 communities under the Gehan Homes, Gray Point Homes and Wonderland Homes brands. In Texas, the company has communities throughout Dallas-Fort Worth as well as in the Austin, Houston and San Antonio areas. Gehan was the 29th-largest homebuilder in the nation in 2021 with 3,166 closings bringing in $1.2 billion in revenue, according to
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