ATLANTA, Aug. 5, 2016 /PRNewswire/ -- Kinloch Partners, LLC, today announced that it has sold 42 single-family homes to Jeff 1, LLC, a Main Street Renewal, LLC and Amherst Holdings, LLC-owned company for $4.72 million.
The homes, located in Southwest Fulton County, North Clayton County and Dekalb County, were all purchased and renovated by Kinloch Partners since 2011 and are currently providing positive cash flow from rental income.
"Kinloch Partners' strategy has been to provide high-quality homes for young families to rent, and hopefully go on to purchase," said Bruce McNeilage, co-founder and partner in Kinloch Homes. "The consumer demographics indicated there was a significant need for rental homes in this area. Now that we've upgraded so many homes and created stable rental situations, our homes are attractive to major national companies looking for rental opportunities."
Main Street Renewal is a private company focused on buying, renovating, and leasing homes across the country. Based in Austin, Texas, the company has branches in 21 cities and plans to expand to additional markets in the near future. The company uses a unique model to locate excellent properties and upgrade them to the Main Street Renewal standard. Its goal is to provide the best leasing experience possible through care and service.
Kinloch Partners is continuing to look for other companies similar to Main Street Renewal who are looking for stable, single-family rental homes to add to their portfolios.
"Our strategy to rehabilitate houses and be able resell them to companies that are developing portfolios of single family home rentals is a win for everyone involved," McNeilage said. "Kinloch has developed an expertise in identifying rehab opportunities and creating desirable rental situations for families. At the same time, the interest from national investment companies has helped increase real estate values in Atlanta."
About Kinloch Partners, LLC
Kinloch Partners, LLC is a real estate investment company formed in 2011 by childhood friends Bruce W. McNeilage and Christopher P. Zachary, who met on the playground at Kinloch Elementary School in Dearborn Heights, Michigan, in the mid-1970s. The company specializes in providing a path to home ownership for new homeowners through new construction, home renovation or investment in financially distressed real estate properties.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kinloch-partners-llc-to-sell-42-atlanta-area-homes-to-jeff-1-llc-a-main-street-renewal-llc-and-amherst-holdings-llc-owned-company-300309848.html
SOURCE Kinloch Partners, LLC