Over $560 Million Secured For Supporting Privatized Military Housing Portfolio

Corvias announced it raised access to over $560 million in capital to support its privatized military housing portfolio, which is owned in partnership with the U.S. Army across six installations.

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This investment includes $466 million of new private capital and nearly $100 million in portfolio reinvestment account funds. And almost $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 better partnership flexibility, cementing Corvias and the Army’s joint commitment to servicemembers and their families.

The Military Housing Privatization Initiative (MHPI) enables private companies such as Corvias to continuously secure critical funding to improve privatized military housing portfolios.

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At the installations, Corvias will start interior and exterior renovations of existing homes and rehabilitate some historic homes. Corvias will also continue to invest in new infrastructure and amenities to enhance the quality of life for service members and their families.

These and other ongoing efforts reflect Corvias’ dedication to meeting market needs while sustaining our homes and infrastructure through reinvestment.

Moelis and Company acted as the sole placement agent and financial advisor for the transaction, which raised private capital from a group of high-quality institutional investors.

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“This investment brings significant added value to the Army, our residents and the community alike. 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.”

– Chris Wilson, Corvias Chief Executive Officer

“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. 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.”

– Pete Sims, Managing Director for DOD at Corvias