A local single-family rental company has become part of Tampa’s growing real estate ecosystem. Second Avenue, a full-service single-family rental platform, has announced the acquisition of Pacific Oak Residential, Inc. This Jacksonville-based property and management company oversees 2,110 single-family homes, valued at approximately $400 million. This acquisition boosts Second Avenue’s portfolio to 5,300 homes under management and increases its assets to $1.5 billion.
A Nationwide Expansion Strategy
Pacific Oak Residential’s properties span several states, with a significant focus on the Midwest region, Texas, and Oklahoma. With this acquisition, Second Avenue has extended its footprint into six additional Midwest states, elevating its total national presence to an impressive 21 states. This growth reinforces Second Avenue’s commitment to providing institutional-grade management across a diversified portfolio.
Enhancing Operational Efficiency
The Pacific Oak portfolio perfectly complements Second Avenue’s existing assets. It underscores the company’s capability to deliver yield optimization and institutional quality management. Michael Gough, President of Pacific Oak Residential, highlighted the partnership’s proven success. “In our earlier collaboration managing a 255-home portfolio, Second Avenue increased NOI by 30% within seven months, showcasing their operational expertise and ability to create value,” he stated in a release.
Ambitious Goals for 2024 and Beyond
Second Avenue’s leadership has set bold targets for the coming year. Co-Founder and CEO Michael Rothman revealed plans to acquire 2,000 single-family homes, alongside a growing pipeline for third-party property management opportunities. “With a 188% CAGR in home count growth since 2019, we’re on track to manage 10,000 homes by 2026,” Rothman shared, positioning Second Avenue among the top 10 single-family rental operators in the U.S.
A Technology-Driven Approach
Founded in 2019 and headquartered in Tampa, Second Avenue leverages a proprietary, technology-driven platform to streamline operations. This platform integrates all single-family rental investment and management aspects, ensuring seamless onboarding, efficient processes, and institutional-grade solutions. Second Avenue is reshaping the rental experience for today’s families by delivering high-quality, professionally managed rental homes.
Are you on social media? Check out our profile for more local news! Follow @TampaLatest for up-to-the-minute updates in Tampa, Florida.
