European firm sells portfolio of South Florida rental homes

Company led by real estate investor Joshua Wagschal bought the 53-unit portfolio

Miami /
Mar.March 30, 2018 11:30 AM

Yoni Dahan and rental homes

UPDATED, 5 p.m., April 4: A company tied to European real estate development and management firm Gram Group just sold a portfolio of single-family rental homes in Miami-Dade, Broward and Palm Beach counties for $7.8 million.

Exceptional Homes Restorations LLC, led by real estate investor, Joshua Wagschal, paid about $147,000 per property. The portfolio includes 52 single-family homes and one four-unit multifamily building, most of which are in Broward County. Two properties are in Miami-Dade and one is in Palm Beach County.

Gram Group spent about $4.5 million acquiring the homes between 2010 and 2013, broker Yoni Dahan said. Dahan worked on renovating and managing the rental properties, which he said were distressed when Gram bought them. The buyer will continue to rent the homes out.

Robert Rabinowitz of ​The Company Real Estate represented Gram and the DeMarco Group/ReMax 5 Star represented the buyer.

The new tax law is expected to push more Americans away from home ownership and into renting, boosting multifamily markets across the U.S.

Last year, Amherst Holdings paid $25.7 million for a portfolio of single-family rental homes in Broward and Palm Beach counties. In addition to picking up portfolios of single-family home rentals, private equity firms like Electra America are also launching funds focused on multifamily investment.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...