European firm sells portfolio of South Florida rental homes

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

Yoni Dahan and rental homes
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.

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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.