Pacific Oak Residential Trust, Inc., a subsidiary of Pacific Oak Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a portfolio of 196 single-family rental homes located in Illinois.
The announcement comes on the heels of the company’s recent 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.”
Pacific Oak Residential Trust acquires and manages affordable single-family rental properties throughout the United States. The company has holdings in the Midwest (including Illinois, Indiana, and Ohio) and the Southeast (including Alabama, Northern Florida, North Carolina, Tennessee, Oklahoma, and Texas) with plans for expansion throughout the United States.
Pacific Oak Strategic Opportunity REIT, formerly known as KBS Strategic Opportunity REIT, launched its initial public offering in November 2009 and has raised approximately $638 million in investor equity from the offering and its distribution reimbursement plan, as of the third quarter 2019.