Source: Pacific Oak Residential Trust
CHICAGO, IL - Pacific Oak Residential Trust, Inc. a wholly owned subsidiary of Pacific Oak Strategic Opportunity REIT, Inc., announced the acquisition of a 196 single-family rental home portfolio in Illinois.
The announcement comes on the heels of the company's July 1st merger with Battery Point Trust, Inc. Following the Battery Point merger and Illinois asset acquisition, Pacific Oak Residential Trust now owns and manages a portfolio of approximately 1,750 single-family rental homes located throughout the United States.
"This acquisition marks another step forward in the continued development of Pacific Oak's single-family residential investment business," said Jeremy Healy, president of Pacific Oak Residential Trust. "We have already acquired an attractive portfolio of single-family homes and continue to identify potential additions to our rapidly growing asset base."
Peter McMillan, president and chairman of Pacific Oak Strategic Opportunity REIT, added, "The single-family rental home sector has fared well during the ongoing COVID-19 pandemic and we believe this compelling asset class will continue to do so over the long-term. The demand versus supply balance and the outlook for revenue growth is very favorable compared to many property sectors."
John Pawlowski, senior analyst of residential at Green Street Advisors, a respected leader in real estate investment research, predicted in a recent presentation that single-family rentals will outpace the multifamily sector in terms of rent, revenue and net operating income growth for the next several years.
"We don't see any meaningful cracks in the single-family rental homes' fundamentals," Pawlowski stated at the conclusion of his presentation.