With national home inventories and developed lot supply at historical lows, Build to Rent projects are facing substantial headwind in acquiring, entitling and developing lots to meet current and future demand. Cove Matrix is at the forefront of the Build to Rent development trend with the formation of Cove Matrix Communities (CMC). Created specifically for construction of Build to Rent communities, CMC is underway engineering and planning for construction of the first fully amenitized Build to Rent community in the Houston market. Partnering with one largest home builders in the US, the project will contain approximately 350 homes. In addition, Cove Matrix either owns or is actively pursuing five additional tracts in Houston area for future CMC communities totaling more than 2000 homes over the next three to five years.