The Steinbridge Group has engaged Alacrity Services, a wholly owned subsidiary of Lowe’s, to build out its single-family residential program.

The Steinbridge Group focuses on lower-income family residences in close proximity to transportation and employment and has plans to invest up to USD425 million across various markets for the acquisition and refurbishment of single-family and small multifamily residences. Steinbridge selected Philadelphia as its debut market because of its significant population, growing economy, housing demand and transitioning neighbourhoods. In Philadelphia, Steinbridge has an investment target of USD50 to USD60 million, or approximately 500 properties. Alacrity Services’ network of independent, credentialed contractors will provide general, custom and emergency contracting services on behalf of Steinbridge.

“We have retained Alacrity Services as part of our ongoing commitment to provide high-quality homes in America’s up-and-coming neighbourhoods,” says Steinbridge CEO Tawan Davis. “As a wholly owned subsidiary of a Fortune 50 organization and a leader in home repair, restoration and rehabilitation, Alacrity Services will prove to be a significant partner as we enhance the long-term value of our portfolio and provide homes for families who wish to live close to the metropolitan core.”

“We are thrilled to be partnering with The Steinbridge Group and to be part of its vision to bring reliability and quality to the Philadelphia urban rental housing market,” says Jonathan Miko, president of Alacrity Services. “We pride ourselves on providing an experienced, elite network of independent contractors and are excited to work together to deliver affordable residences that reflect the quality, hardworking Philadelphia families deserve.”

Steinbridge plans to expand into other dense urban markets including Northern New Jersey, the New York City outer boroughs, Baltimore, Chicago, Washington DC and Boston.