Pacific Oak Capital Advisors has purchased 42 single-family homes in Houston-area suburbs for $6.45 million. The acquisition involved multiple sellers and was completed in an off-market transaction. With this latest portfolio acquisition, Pacific Oak and its affiliates now own and manage approximately 1,850 homes throughout suburban centers in the Midwest, South and Southeast.
The acquisition represents an extension of Pacific Oak's prior investments in the broader Houston submarket. Pacific Oak paid on average $153,000 per property for the portfolio which is generating average monthly rents just north of $1,300. The majority of homes are located southeast and southwest of Houston in cities like Baytown, Missouri City, Pasadena and Texas City.
"The for-sale housing market in Houston is performing well," said Ben Aitkenhead, managing director of Pacific Oak Capital Advisors. "Many people, especially those interested in moderate income homes, are turning to renting a h
