American Housing Income Trust Inc. (AHIT), a Maryland corporation that owns and operates single-family rental properties, recently signed a contract to acquire 50 homes in the Phoenix area as part of its plan to scale its activity nationwide.
The 50 homes are all single-family models, and the cumulative purchase price of the properties is approximately $8.3 million. The average living space of the homes is 1,900 square feet, and most of the homes feature three bedrooms and two bathrooms.
"If (the) closing is successful, American Housing Income Trust will own a total of 93 homes in Arizona, Nevada and Texas," AHIT President and CEO Jeff Howard said.
AHIT Chief Financial Officer and Treasurer Sean Zarinega said the acquisition will benefit the company in the areas of cash flow and scale. This contract will also allow the company a greater presence within the company's target markets.