MEMPHIS, Tenn., April 14, 2021 /PRNewswire/ -- Pacific Oak Capital Advisors, LLC, a sponsor primarily focused on commercial real estate-focused alternative investment programs, today announced the recent acquisition of seven single-family homes in Southaven, Mississippi for $1.11 million. With this latest portfolio acquisition, Pacific Oak and its affiliates now own and manage approximately 1,800 homes throughout suburban centers in the Midwest and Southeast.
The built-to-rent homes were completed in 2020, and are 10 minutes south of downtown Memphis. The homes were constructed by a Tennessee homebuilder that is a strategic Pacific Oak partner in the submarket, and represent an extension of Pacific Oak's prior investments in both Southaven and the broader Memphis submarket.
"Our single-family strategy is focused on identifying vibrant markets with a diversified economy, strong job market and a population that favors renting," said Ben Aitkenhead, managing director of Pacific Oak Capital Advisors. "Nearly 40% of the people living in and around Memphis are between the ages of 20 and 49 years of age, which is a prime demographic for rental property, and we see strong demand from aging millennials with a preference for newly constructed homes."
Pacific Oak and its affiliates focus their single-family investment efforts on quality housing for median-income families who prefer to rent their homes, rather than own. These homes typically feature three bedrooms and two bathrooms amidst more than 1,000 square feet of living space, providing ample room for growing families.
About Pacific Oak Capital Advisors
Pacific Oak Capital Advisors is an alternative investment company that sponsors and manages quality real estate-based investment opportunities for clients of financial advisors and registered investment advisors as well as institutional investors. Formed in 2018, the company is advisor to Pacific Oak Strategic Opportunity REIT and Keppel-Pacific Oak REIT, and sponsor to numerous private real estate investment programs. In total, Pacific Oak Capital Advisors and its affiliated companies currently manage a diverse portfolio of real estate valued in excess of $3.5 billion. For additional information, please visit www.PacificOakCapitalAdvisors.com.
SOURCE Pacific Oak Capital Advisors