Property management firm PropertyAccess inked a deal to manage $500 million in distressed single-family homes for Cashel USA Property Partners this week.
Cashel, like many investor groups, noticed the potential to turn REOs into profitable rentals, prompting the firm to agree to the acquisition of $500 million in distressed single-family homes.
Cashel selected Austin-based PropertyAccess to manage the assets. PropertyAccess will work in tandem with Cashel helping them to renovate and maintain the properties, while also managing rentals and future resale activity.
“There is a new asset class emerging in the United States, the single family rental (SFR). The amount of interest it’s garnering from the capital markets coupled with the unprecedented volume of potential inventory is creating an economic opportunity that hasn’t been available before in residential rental housing,” said Paul Hayman, CEO of PropertyAccess. “This opportunity brings with it dramatic social and economic benefits that can positively impact families and neighborhoods across America while at the same time providing economic returns for investors.”
Austin-based PropertyAccess is a division of asset management firm TenantAccess.