Another major player has entered the increasingly crowded field of value-add multifamily investment with multibillion-dollar goals.

The Related Group, an investment and development firm based in Miami, has created a value-add division with plans to make $2B in investments. The firm has brought in Rockpoint Group as an equity partner, The Real Deal reports. Boston-based Rockpoint will provide capital but cede management, development and construction duties to Related.

The joint venture will focus on the Sun Belt, with early targets including the Florida, Atlanta, Dallas and Phoenix markets. Related opened up a Dallas office last year with an initial focus on ground-up development, TRD reports. More recently, it opened an Atlanta office and has plans for more satellites in Phoenix and Las Vegas.

To run the value-add division, Related has brought on Michael Hammon from Ram Development Co., where he was chief development officer, to partner with Chief Operating Officer Matt Allen. The division will reportedly focus on transactions between $60M and $100M, with plans to flip its acquisitions after a period of three to seven years.

As construction costs rise higher and higher and demand for rental housing remains high, value-add has become the most in-demand sector of the multifamily market, with investment in the first quarter of this year dramatically outpacing the beginning of 2017.