The Challenge
The U.S. affordable housing crisis continues to disproportionately affect working families who earn too much to qualify for federal housing subsidies but not enough to comfortably afford market rents. Rising construction costs, underinvestment in lower-priced housing stock, and aging single-family inventory have constrained supply. As affordability pressures persist, middle-income households remain particularly vulnerable to rent burdens that limit savings, mobility, and wealth creation. Addressing this gap requires not only expanding housing supply but also preserving and upgrading existing homes to ensure quality, safety, and long-term affordability.
Center Creek's Strategy
Center Creek Capital Group expands access to quality, affordable single-family rentals by acquiring and rehabilitating distressed or under-invested homes and selectively developing build-to-rent communities. The firm enhances long-term asset durability through strategic renovations, while maintaining rents aligned with affordability benchmarks.
Center Creek defines an affordable home as housing where households earning at or below 80% of Area Median Income (AMI) spend no more than 30% of gross income on housing.
Beyond housing provision, Center Creek promotes economic mobility through its Pathway 2 Homeownership (P2H) program and complementary resident services.
Long-term Intended Outcome
Make quality, affordable single-family rentals a mainstream asset class and increase the U.S. housing stock.
Tracking Progress
Center Creek's Housing Fund III and Highline Phase I portfolios have 441 homes with a 94.7% occupancy rate. Currently, 55.5% of the housing in the portfolios is considered affordable at 80% of AMI and 98.5% is affordable at 100% of AMI. 23.3% of the homes in Center Creek's portfolios are in low-to-moderate income census tracts.
On average, Center Creek has invested $48,700 in renovation and rehabilitation per home in its Fund III portfolio. Home improvements may include upgrades to key systems (e.g., heat, electrical, plumbing), energy efficiency improvements, modernization of flooring, kitchen, and bathrooms, and curb appeal improvements to increase the overall value of the home.
Short-term KPI
- Fund's definition of an affordable home
- Housing available at 80% AMI (area median income) and able to be rented at a 30% rent-to-income ratio.
- Number of homes in portfolio
- 441
- Average occupancy rate in 2025
- 94.7%
- % of homes in low-to-moderate income census tracts
- 23.3%
- Portion of homes affordable at 80% of AMI
- 55.5%
- Nature of home improvements
Center Creek acquires and rehabilitates distressed or under-invested vintage homes by implementing improvements through renovations and strategic upgrades including HVAC, roof, plumbing, or other major mechanical system replacements that harden the asset. The homes are typically in a superior overall condition than similarly priced homes without comparable reinvestment.
- Average dollar amount invested per house on renovation / rehabilitation
- $48,700
- Resident services provided and their expected benefits
- Center Creek's Pathway 2 Homeownership (P2H) program is designed to address the traditional inequality in housing that affects minority populations in the U.S., helping them access the stability and the wealth-building benefits of owning a home. P2H provides a 2x savings match to incentivize residents to save for a down payment; two years of free credit counseling, financial literacy, and homeownership training to help set them up to be successful as homeowners.
- K-6 Tutoring: Center Creek provides free weekly tutoring sessions to residents of its build-to-rent (BTR) communities. Children in kindergarten through sixth grade have an opportunity to review math and reading lessons for 2 hours every Wednesday afternoon.
- 1-on-1 Financial Counseling: Center Creek has partnered with the nonprofit, Navicore Solutions, to offer free financial counseling for residents committed to improving their financial health. Residents meet virtually once a month with a financial counselor at their own convenience to outline their financial goals for the year. Navicore tracks resident financial metrics including FICO score, debt-to-income ratio, expenses, gross income, and rent-to-income ratio. Residents graduate after attending 6 sessions, with a primary goal of becoming mortgage ready for the P2H program and improving their financial literacy.
- The Little Free Library has become a popular opportunity in Center Creek's BTR community to develop fellowship with neighbors while enjoying a good book. The book share also serves as a hub for community announcements.