Archon Capital Homes, a private real estate company, has closed a 1031 exchange sale of 13 single-family rental homes located near Cleveland, Ohio for nearly $1.5 million. The sale was conducted on behalf of a private purchaser represented by an independent broker-dealer, whose name was not disclosed.
The 13 properties, a mix of two and three-bedroom homes, were originally purchased and rehabilitated by Archon Capital Homes during the second half of 2017.
Archon Capital Homes is a value-add, single-family-home real estate company based in Austin, Texas that acquires undervalued residential properties to rent in key demographics. The company handles all aspects of the acquisition, rehabilitation, and construction of their assets with property management duties outsourced to two professional management firms.