Progress Residential, one of the nation’s largest owners of single-family rental homes, landed a $384.7 million refinancing backed by a multi-state residential portfolio that includes homes in Broward County.
Goldman Sachs Mortgage Company provided the loan to the Scottsdale, Arizona-based landlord on June 25 at an 83 percent loan-to-value ratio, records show. The total value of the properties is $462.1 million, of which $71.7 million includes 64 residential properties across 14 Broward County cities, including 20 in Fort Lauderdale, 14 in Pompano Beach and seven in Lauderhill.
The valuation of the Broward homes amounts to over $1.1 million per home.
A Progress Residential spokesperson did not immediately respond to a request for comment. Broward County’s median gross rent was $1,907 between 2020 and 2024, according to the U.S. Census Bureau.
Progress Residential is a subsidiary of New York-based private equity firm Pretium Partners. In April 2025, the company delayed a planned $778.5 million single-family rental securitization backed by 2,020 rental homes in 21 build-to-rent communities across 10 states after Fitch Ratings withdrew its preliminary ratings, saying the transaction was “no longer expected to proceed,” CoStar News reported. The offering later returned to market. Goldman Sachs originated the mortgage loan, and Fitch and KBRA assigned final ratings in July 2025.
The most recent refinancing closed about two weeks before the bipartisan 21st Century ROAD to Housing Act became law on July 11 without President Donald Trump’s signature.
The law aims to boost housing supply by reducing regulatory barriers to homebuilding, expanding financing tools and limiting large investors — those who own at least 350 single-family homes — from buying additional existing single-family homes, with certain exceptions. It does not require investors to sell homes they already own or prevent them from refinancing their portfolios.
Trump declined to sign the housing bill as part of a dispute with Congress over the SAVE America Act, a Republican-backed elections bill that would require proof of citizenship to register to vote in federal elections. He called the housing bill “a big yawn” compared with his election agenda. Because Trump did not veto it, the housing measure still became law without his signature.
Florida has long been one of the country’s largest markets for institutional single-family rental operators. Invitation Homes, the nation’s largest single-family rental landlord and a former Blackstone unit, generated $556 million in revenue from its Florida portfolio during the first nine months of last year, according to company filings. The company owns nearly 27,000 homes statewide valued at about $4.2 billion.
American Homes 4 Rent owns nearly 8,700 single-family homes in Florida with an estimated value of roughly $2.1 billion. Privately held companies including Progress Residential, Tricon Residential and FirstKey Homes own tens of thousands more, though their portfolios are harder to pin down. One estimate pegged corporate ownership of Florida single-family homes at roughly 117,000 as of late 2024.
Florida is Progress Residential’s largest market, according to its website. The company has a presence in six regions across the state — more than any other state in its 17-state portfolio. Second is Texas, where it has operations in four regions.
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