We are pleased to announce that Sunstone Properties Trust and Two Tree Capital have combined to become Sunstone Two Tree.

Sunstone Properties Trust and Two Tree Capital Become Sunstone Two Tree

Press Release

Combined company will target 44 million unit rental housing industry in the United States through workforce housing and purpose-built single family rentals in high growth markets

Westlake Village, California, USA, March 9, 2023 –  Sunstone Properties Trust, LLC (“SPT”), an owner, operator, developer and fund manager focused on multifamily real estate assets, and Two Tree Capital, LLC (“Two Tree”), a developer and operator of single-family rental home communities, today announced that they have restructured their companies to become Sunstone Two Tree, LLC (“STT”). As a result of the restructuring, STT will become a vertically integrated real estate operator and developer with a diverse portfolio of rental housing communities in high growth markets across the United States.

“The combination of high home prices, rising interest rates and changes in lifestyle preferences amongst the millennial and other generations has created significant demand for rental housing,” said John Maddux, CEO of Sunstone Properties Trust. “Sunstone Properties Trust has long been committed to purchasing and improving multifamily communities for working class individuals and families across the country. Two Tree Capital has built a dynamic team with deep expertise in the complementary and attractive build-to-rent (BTR) space. Together, Sunstone Two Tree will be able to accelerate growth as we move into an attractive time to be deploying capital in all aspects of the rental housing business.”

The combined Sunstone Two Tree will focus on acquiring, renovating and developing rental housing communities in high-growth markets. This includes repositioning distressed or underutilized multifamily properties as well as developing multifamily and purpose-built single-family rental home communities, which are seeing increased demand as homeownership continues to be a challenge.

The management team of the combined Sunstone Two Tree has experience in real estate law, real estate private equity, land acquisition, engineering, development, construction, and operations. The team includes:

  • John Maddux, CEO (CEO of Sunstone Properties Trust)
  • Scott Maddux, President (CEO of Two Tree Capital)
  • Tanner Maddux, Chief Investment Officer (President of Two Tree Capital)
  • Elizabeth Fujino, Chief Operating Officer (Chief Operating Officer of Sunstone Properties Trust)


“Two Tree Capital is pleased to combine its efforts with Sunstone Properties Trust, which has vast experience in the multifamily sector with its principals having participated in $55 billion of transactions,” said Scott Maddux. “Sunstone brings an experienced team and operates in a complementary sector that expands the breadth of what Two Tree Capital has been doing. The combined efforts of the companies will better position us to address the critical need for rental housing in our country and allow us to continue generating significant value for our investors and the local communities that we serve.”

In addition, STT today announced that Michael Votta has been named as Senior Vice President of Capital Markets. Mr. Votta has more than 15 years of experience and joins STT from a real estate investment advisor with $2B in Assets Under Management (AUM) where he was involved in capital development and investor relations for the firm’s High Net Worth Individuals (HNWI), Family Office and Wealth Advisory clients. At STT, Mr. Votta will manage investor relations and grow the firm’s strategic investor base across the various investment opportunities.

For more information, visit www.sunstonetwotree.com.

About Sunstone Properties Trust

Sunstone Properties Trust (“SPT”) was founded in 2012 and is an owner, operator, sponsor, developer and fund manager with deep expertise and a successful track record in multifamily investments. Sunstone Two Tree is based in Westlake Village, CA and is driven by a two-fold mission: 1) to protect investor capital and deliver compelling returns through every phase of the economic cycle and 2) to create and operate safe, clean, and well-maintained residential rental communities for individuals and families.

About Two Tree Capital

Two Tree Capital is addressing the critical need for entry-level housing throughout the United States by developing communities of single-family rental homes, also known as “build-to-rent” (BTR) communities in high-growth markets across the country. Two Tree’s portfolio offers residents many of the benefits of single-family living with the flexibility, amenities and minimal maintenance responsibilities of renting. The company has a 2,000 home pipeline in various stages of development in high-growth markets across the United States.

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Investor Contact:

Michael Votta



March 9, 2023