HOUSTON, Aug. 2, 2021 -- Pacific Oak Capital Advisors, LLC, a sponsor primarily focused on commercial real estate-focused alternative investment programs, today announced the recent acquisition of 42 single-family homes in Houston-area suburbs for $6.45 million. The acquisition involved multiple sellers and was completed in an off-market transaction. With this latest portfolio acquisition, Pacific Oak and its affiliates now own and manage approximately 1,850 homes throughout suburban centers in the Midwest, South and Southeast.
The acquisition represents an extension of Pacific Oak's prior investments in the broader Houston submarket. Pacific Oak paid on average $153,000 per property for the portfolio which is generating average monthly rents just north of $1,300. The majority of homes are located southeast and southwest of Houston in cities like Baytown, Missouri City, Pasadena and Texas City.
"The for-sale housing market in Houston is performing well," said Ben Aitkenhead, managing director of Pacific Oak Capital Advisors. "Many people, especially those interested in moderate income homes, are turning to renting a home instead of buying, and we are delighted to have been positioned to expand our presence in this strong market."
Pacific Oak and its affiliates focus their single-family investment platform on quality housing for median-income families who prefer to rent their homes, rather than own. These properties typically feature three bedrooms and two bathrooms and more than 1,000 square feet of living space, providing attractive homes for families.
About Pacific Oak Capital Advisors
Pacific Oak Capital Advisors is an alternative investment company that sponsors and manages quality real estate-based investment opportunities for clients of financial advisors and registered investment advisors as well as institutional investors. Formed in 2018, the company is advisor to Pacific Oak Strategic Opportunity REIT and Keppel-Pacific Oak REIT, and sponsor to numerous private real estate investment programs. In total, Pacific Oak Capital Advisors and its affiliated companies currently manage a diverse portfolio of real estate valued in excess of $4 billion. For additional information, please visit www.PacificOakCapitalAdvisors.com.
Original Article on prnewswire.com