Oliver Chang, a former head of U.S. housing strategy at Morgan Stanley, has launched Sylvan Road Capital, an Atlanta-based asset management firm that will focus on the $3 trillion single-family rental market.

The company expects to invest over $1 billion in the single-family rental market over the next two years, beginning with an initial capital commitment from an unidentified private equity firm to acquire over $300 million in single-family homes. Chang co-founded Sylvan Road Capital with Robert Lee, Sarah Lee and Gavin Kleinknecht, who co-founded Delmar Realty Advisors in 2008 to exclusively focus on the buy-to-rent single-family home market.

"America is moving toward a rentership society, and I believe the opportunity to purchase and professionally manage single-family rental homes represents one of the most compelling investment opportunities across all asset classes," says Chang. "My partners have been in the single-family real estate business for nearly two decades and have built a best-in-class acquisition, renovation and management platform specifically designed for these properties."