Real estate impact investor Steinbridge Group has formed a $50m joint venture (JV) with FrontRange Co-GP Property Fund to develop and renovate housing options in the US.

The JV seeks to rehabilitate and build single-family and small multifamily housing units. This partnership will enable Steinbridge to execute an estimated $1.3bn in development and redevelopment across the country.

This strategy intends to promote the development of high-quality, middle-class, attainable houses in cities around the country, which include Houston, Philadelphia, Washington, DC, Dallas, New Jersey, Atlanta, New York City, Richmond, Baltimore, and Boston.

Steinbridge has teamed up with the PNC Bank to assist renters in becoming homeowners through an innovative programme.

FrontRange Capital Partners managing principal Scott Berry said: “This important investment will help strengthen local communities by increasing the supply of high-quality workforce housing.

“Steinbridge has a business model designed to generate compelling returns for investors while delivering significant benefits to the residents in the communities in which they operate. We are excited to be working with their team on this high-impact investment.”

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Some of the real estate investment strategies implemented by Steinbridge are single-family build-to-rent, single-family rental rehabilitation, and urban infill.

FrontRange Co-GP Property Fund was founded in 2010 and is an affiliate of private equity company FrontRange Capital Partners. It has pledged more than $1bn of equity capital for investment in the US.