ARK Buys 2 SFR Assets in Florida
One of the properties traded for $31.8 million.
ARK Homes For Rent has purchased two single-family rental communities in Florida. The acquisitions are part of the firm’s initiative to invest up to $2 billion in SFR assets throughout the Sun Belt over the next five years.
The newly purchased communities are ARK Homes For Rent at Oak Haven, a 120-unit BTR property in Riverview, Fla., and ARK Homes For Rent at Ormond Grande, a 60-unit SFR community in Ormond Beach, Fla.
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According to Hillsborough County Records, D.R. Horton sold Oak Haven for $31.8 million. ARK secured a $19.7 million acquisition loan originated by The Prudential Insurance Co. of America, the same source reveals.
Constructed with all-concrete blocks on the first two floors, Oak Haven encompasses three-bedroom floorplans with sizes up to 1,673 square feet. Units feature attached garages and ceilings up to 8 or 9 feet.
Located at 11890 Mountain Retreat Lane, U.S. Route 301 is less than 1 mile to the east, while Interstate 75 is 7 miles eastward. Employers such as Lockheed Martin and Tampa General Hospital are found in downtown Tampa, roughly 15 miles away. Less than 3 miles away, residents can access dining and retail options, such as Burger King and Riverview Fresh Market. Roughly 1 mile away, South Pointe Park features a basketball court, a playground and picnic shelters.
Ormond Grande’s purchase
ARK Homes For Rent at Ormond Grande consists of three-bedroom floorplans measuring up to 1,530 square feet. Townhomes include attached garages, vinyl flooring, stainless steel appliances and granite countertops.
Found at 1255 N. U.S. Highway 1 in Volusia County, the property is 2 miles from the intersection of Interstate 95 and U.S. Route 1, while South Daytona’s city center is 15 miles to the southeast. Employers such as AdventHealth Systems and Halifax Medical Center are within an 11-mile radius.
Less than 1 mile away, residents can access the Addison Blockhouse Historic State Park. Nearly 4 miles away, a variety of retail and dining options are available, such as the Publix Supermarket and Chicken Salad Chick.
The single-family rental transactional market
The SFR market saw its transaction volume dwindle in 2023, the sector also being affected by the current stringent environment. However, a recent Yardi Matrix research shows that despite the slowdown in SFR sales, the market’s percentage of total multifamily transactions grew by 70 basis points year-over-year in 2023. The same source shows that during the first three months of 2024, 581 SFR units changed hands, compared to 1,424 units sold in the same period last year.
In the first quarter of the year, Crossroads at Town Center, a 141-unit SFR community in Jacksonville, Fla., changed hands. 360 Communities and PCCP obtained a $32.8 million Certificate of Occupancy loan secured by JLL for the asset’s acquisition.
