Home Alts News Archon Capital Homes Closes Residential 1031 Sale

Archon Capital Homes Closes Residential 1031 Sale

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Archon Capital Homes, a private real estate company, closed a 1031 exchange sale of 12 single-family rental homes for nearly $1.4 million in conjunction with an unnamed independent broker-dealer that represented a private purchaser.

The properties are comprised of two- and three- bedroom residential homes located near Cleveland, Ohio and Memphis, Tennessee, and were originally purchased and rehabilitated by Archon Capital in the second and third quarters of 2016. At the time of the exchange, and the fully renovated properties were leased and sold, the company said.

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. Once acquired and renovated, the properties generate rental income until market conditions favor remarketing the properties for a premium.

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