Goldman Sachs-Backed Rental Fund Buys Entire Community Of 87 Single-Family Homes In Central Florida

[Phoenix61]

A joint venture between two Fundrise-sponsored funds has acquired a community of 87 detached, single-family rental homes in Palm Bay, Florida.

The rental community, known as Cypress Bay, was developed by D R Horton Inc (NYSE: DHI) and completed in February of this year. The community of homes was purchased by a joint venture between the Fundrise Interval Fund and the Growth eREIT VII for approximately $45.7 million.

According to the Fundrise website, approximately 41% of the homes were occupied at the time.

…

The company has been extremely active with acquisitions in the single-family rental space. Fundrise-sponsored funds have recently purchased a community of 48 single-family homes in South Carolina, 106 homes on the Gulf coast in Mississippi, 120 homes in Pensacola, FL, and started multiple single-family rental community developments.

https://finance.yahoo.com/news/goldman-sachs-backed-rental-fund-140348599.html

Gee, what could possibly go wrong?

[PortTack]

1. Terrible!

[mitch96]

2. In my old neighborhood in South Florida, when a home went up for sale it was usually

a rental company that made the purchase. One day a for sale sign, the next a for rent sign.
Cash deal? Good terms for the seller? who knows..
m

[madville]

3. Well at least they saved people

The horror of owning a DR Horton home lol

[MichMan]

4. These were newly built rental homes sold from one corporation to another

[Phoenix61]

5. I read the article. The issue is when housing is used in

this manner the goal is to squeeze every dime out of the property. Who is going to enforce upkeep on the property? Do you have the funds to drag Goldman to court to fix your leaking toilet or broken AC? When they refuse to return your deposit what will you do then? This is a company that has shown itself to have serious ethics issues. Do you think they’ve corrected those issues? I sure as hell don’t.