Vinebrook Homes Trust Inc., a private real estate investment trust managed by an affiliate of NexPoint Real Estate Advisors, has agreed to purchase two portfolios of single-family rental homes for a combined $820 million, according to a filing with the Securities and Exchange Commission.
According to the filing, the “Tusk Portfolio” is comprised of approximately 1,610 single-family rental homes located in Arizona, Florida, Georgia, Ohio and Texas, with a purchase price of approximately $466.5 million, including an initial deposit of $23.3 million. As of July 31, 2022, the Tusk portfolio was 93.9 percent occupied with an average effective monthly rent of $1,623.
The “Siete Portfolio” is comprised of approximately 1,289 single-family rental homes located in Arizona, Florida, Georgia, North Carolina, Ohio and Texas with a purchase price of approximately $353.5 million, including an initial deposit of $17.7 million. The Siete portfolio was 91.3 percent occupied with an average effective monthly rent of $1,538.
The acquisitions are expected to close in the fourth quarter of 2022. Each of the closings is conditioned on lender approval and the simultaneous closing of the other, the company said in the filing.
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 portfolio of 21,144 single-family rental properties located in 18 states, as of the first quarter of 2022. Vinebrook files quarterly and annual financial reports with the SEC, along with others required by federal securities laws.