Investor flips portfolio of South Florida rental homes for $14M

Joshua Wagschal paid $7.8M for the 53 properties last week

TRD MIAMI /
Apr.April 05, 2018 10:30 AM

Rental homes

A real estate investor just flipped a portfolio of rental homes for a 44 percent gain – in about a week.

Joshua Wagschal sold the portfolio of 52 single-family homes and one four-unit multifamily building, most of which are in Broward County, for $14 million, according to a source close to the deal.

Last week, Wagschal paid $7.8 million to buy the portfolio from European real estate development and management firm, Gram Group.

Miramar-based TGCB Holdings, led by investor Jeffrey Rose, is the buyer. The company financed the deal with a $8.65 million mortgage from Coral Gables-based BAC Florida Bank. The properties were “vastly undervalued” when Gram Group sold them, the source said.

Gram Group renovated the properties after spending about $4.5 million to acquire the homes between 2010 and 2013.

The boost in multifamily real estate investment across the country could be thanks to the new tax that’s expected to push more Americans away from home ownership and into renting.

Last year, Amherst Holdings paid about $26 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 Article

arrow_forward_ios
Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Howard Cohe of Atlantic | Pacific and downtown Miami (Credit: iStock)

Atlantic | Pacific closes $140M portion of multifamily fund

From left: Mark Okada and James Dondero

REIT to pay $322M for sprawling Pembroke Pines apartment complex

From left: Jacob Serure, Elliot Shainberg, Deme Mekras, and Aaron Kurlansky with California Club Apartments

Coral Springs investor buys apartment complex near Aventura

State report finds open gas valve fueled building explosion at Plantation shopping center

arrow_forward_ios