Vinebrook Homes Trust Inc., a private real estate investment trust managed by an affiliate of NexPoint Real Estate Advisors, has purchased a portfolio of approximately 3,000 single-family rental homes for approximately $354.2 million, excluding closing costs.
The properties are diversified across eight states, with the largest concentration in the southeastern United States, including Georgia, Tennessee, Missouri, Florida, North Carolina, South Carolina and Mississippi, as well as a portion in New Mexico.
According to the purchase and sale agreements, the sellers were a joint venture between two Atlanta-based real estate firms, The Ardent Companies and The Prager Group.
In addition to the property acquisition, Prager Property Management sold Vinebrook the assets used in the management of the portfolio for approximately $7.5 million.
Vinebrook Homes Trust is primarily focused on acquiring, renovating, leasing, and managing single-family rental homes located in large- to medium-sized cities and suburbs in the Midwest, Heartland, and Southeast.
The REIT launched its Regulation D private placement offering in November 2018 and oversees a $1.6 billion portfolio of 15,787 single-family rental properties, as of the third quarter of 2021. Vinebrook files quarterly and annual financial reports with the SEC, along with others required by federal securities laws.