Mooresville, NC. (5/4/2021) – River Rock, a real estate development and management company headquartered in Mooresville, NC, has merged their construction brand with Pride One Construction out of Medina, Ohio to create a new residential construction division, Pride One Residential. This makes River Rock one of the leading vertically integrated alternative asset management platforms in the U.S.
River Rock’s current construction brand, Dalton Building Group (DBG), is one of the largest Build-to-Rent construction companies in the U.S. focused on the Southeast, Mid-Atlantic and Midwest regions while Pride One Construction holds a substantial market share in the development and construction of townhomes, cluster homes and flat apartment communities. Combined, they have completed over 120 communities containing 13,000 homes and representing over $5.5 billion in investments.
Dan Hughes, Co-Founder of River Rock stated, “This merger is a game changer for our us. Having the additional horsepower of the Pride One Team integrated into our platform will allow us to achieve significant efficiencies while keeping all faucets aligned with maximizing investment returns. The build-to-rent asset class is on fire and for good reasons. There are billions and billions of dollars committed by some of the largest investment firms in the world to this space and having an integrated platform has never been more important.”
Jerry Mosley, Co-Founder of River Rock added, “I have known Doug and Greg, (two of the principals at Pride One), for over 25 years. I couldn’t think of a better team and culture to combine with ours. The mutual respect that we have for each other and our independent accomplishments are tremendous. Pride One’s commitment to excellence as well as their years of success in building rental communities will make us one of the largest platforms in the US.”
After exploring the possibility of working together on a larger scale, both companies determined that merging DBG with Pride One Construction to create Pride One Residential made the most sense.
“I am very excited about what this merger represents to our team at Pride One,” said Doug Leohr, a founding Principal at Pride One. “We now have a significant physical presence right in the heart of the Southeast and Mid-Atlantic regions of the US. After spending time with the Dalton Building Group team, I knew this was a natural fit.”
Greg Geisler, a Principal at Pride One, has been named the President of the combined entities and added, “I couldn’t be happier to get this deal done! We have close to 1,000 units under development at the moment and we anticipate thousands more in the very near future.”
Tim Courtad, a Principal and President of Pride One added, “We are excited to finalize this merger with River Rock. We share a similar culture led by strong core values that has made this transition seamless. Our organizations complement one another with strengths and weaknesses. With our decades of experience, we are working hard on our infrastructure to raise the bar with multi-family apartment building projects for years to come.”
About River Rock is a vertically integrated real estate development and management company specializing in residential single and multi-family communities. They have completed over $4B in value-add real estate investments throughout the Southeast, Mid-Atlantic and Midwest regions in partnership with their investors. Given a combined experience of 100+ years in development and construction, their team was one of the first to develop “Build-to-Rent” neighborhoods to add much needed affordable housing to the U.S. housing stock.
About Pride One Construction is a Developer and General Contractor that works primarily in the Eastern U.S. from Florida to Michigan. The company just celebrated its 30-year anniversary, and its roots are as a land development and Cluster Home Community builder of age targeted homes. As their company grew, they quickly increased their focus and are now strictly focused on commercial construction including flat apartments, multi-family apartments, industrial warehouses, hotels, and senior living facilities.