OwnAmerica Originates USD 76 Million in Single Family Rental Transactions
(6 months ago)
CHARLOTTE, N.C: OwnAmerica, an online marketplace for Single-Family Rental investments, announced the successful conclusion of 21 transactions today totaling 656 homes. The Company reports a surge in supply and demand for mid-sized SFR portfolios.
Investors in rental homes are increasingly attracted to fully occupied investment properties, as opposed to acquiring vacant homes and finding tenants. "Buyers of single family rentals view occupied portfolios the same way any commercial investor would view a fully occupied office building, shopping center, or apartment complex," said Greg Rand, CEO of OwnAmerica, "Buying occupied is more efficient, less risky and immediately profitable."
Selling portfolios of SFR as occupied rentals is more profitable for sellers as well. R. J. Palano, a private investor who used OwnAmerica.com to find buyers for 70 single family rentals, said, "If I sold these properties the old way, by vacating them first, I would have lost 10% of the value due to down-time and repair costs. On top of that, it would have taken a year of my life and countless hours of my time. It was also important to me that my tenants didn't have to move"
16 million single family rental homes currently exist in the US, and the National Association of Realtors reports that over 1 million homes are purchased by investors every year.
Founded in 2010, OwnAmerica has been part of the effort to institutionalize Single Family Rental, America's original asset class. The company created an online marketplace for institutions and private investors to buy and sell performing SFR properties at www.ownamerica.com