More than 2,000 homes at Forts Liberty, Meade and Novosel to undergo renovation
Corvias announced today it secured access to more than $560 million in capital to support its privatized military housing portfolio, which is owned in partnership with the U.S. Army, across six installations.
The capital investment includes $466 million of new private capital and nearly $100 million in portfolio reinvestment account funds. Nearly $210 million will deliver improvements across military family housing located at Fort Liberty, N.C.; Fort Meade, Md.; and Fort Novosel, Ala. About $305 million will be used to refinance an existing investment at a lower cost and with greater flexibility for the partnerships, solidifying Corvias and the Army’s joint commitment to servicemembers and their families.
“This investment brings significant added value to the Army, our residents and the community alike,” said Chris Wilson, Corvias Chief Executive Officer. “In conjunction with our Army partners, we are creating more modernized and marketable homes as well as driving increased resident satisfaction to support the Department’s readiness and resiliency goals.”
The Military Housing Privatization Initiative (MHPI) enables private companies like Corvias to secure critical funding to continuously improve privatized military housing portfolios.
Moelis and Company LLC acted as sole placement agent and financial advisor for the transaction, which raised private capital from a group of high-quality institutional investors.
“The housing improvements made possible through this investment will upgrade more than 2,000 homes, helping to increase satisfaction of our service members and their families who choose to live in our on-post housing,” said Pete Sims, Managing Director for DOD at Corvias. “The scale of the renovation projects also allows us to support our communities by engaging numerous subcontractors and suppliers to help stimulate the local economies – a hallmark of our long-term public-private partnerships.”
At the installations, Corvias will begin interior and exterior renovations of existing homes, as well as rehabilitating some historic homes. Corvias will also continue to invest in new infrastructure and amenities to enhance quality of life for service members and their families.
These and other ongoing efforts reflect Corvias’ dedication to keeping up with market needs while sustaining our homes and infrastructure through reinvestment.
About Corvias
Corvias partners with the Department of Defense and higher education institutions to solve infrastructure and energy resiliency challenges and to create long-term, sustainable value through our unique Solutions Through Partnerships® approach. Corvias partnerships enhance the well-being in our communities, including at the largest renewable energy project in Kansas and at resiliency projects nationwide. Our more than 72,000 residents consistently highly rank the courtesy and professionalism of our maintenance and leasing personnel. To learn more, please visit: www.corvias.com.
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