Single-family rental joint venture Transcendent Electra agreed to purchase almost 3,500 new homes and townhomes for more than $1.25 billion.

The first phase of the deal includes 1,424 properties in Tampa, Fla.; Atlanta and Athens, Ga.; and Pinehurst, N.C., that will be purchased for more than $504 million, according to a press release. 

Transcendent Electra will then purchase more than 2,000 additional units in Georgia, South Carolina, Florida and Texas. The entire portfolio is expected to be delivered by the end of the year. The properties were purchased from an “unidentified corporate seller.”

Transcendent Electra is a joint venture between single-family rental platform Transcendent Investment Management and multifamily owner/operator Electra America. The JV announced last year that it was under contract to acquire 1,889 new single-family homes in the Sunbelt, with $496 million worth of properties in contract process and closings.

Transcendent Electra intends to acquire or develop approximately $3 billion in SFR housing over the next three years. The investment platform is focusing on new-build homes in the $175,000 to $300,000 price range with average rents of $1,500 to $2,800 per month.

“Electra America is proud to continue to fuel the growth of Transcendent Electra in its path to becoming a premier owner and operator of class-A rental housing throughout the Sunbelt,” Electra America Chairman Joe Lubeck said in the release. “Each of the communities will have extraordinary architecture, along with being highly-amenitized, which will provide an unparalleled experience for our residents.”