Cashel USA Property Partners plans to purchase up to $500 million in distressed single-family residences in the U.S. to convert into rentals that will be serviced by PropertyAccess, a provider of national property management services for professional investors.
As part of the agreement, PropertyAccess will work closely with Cashel in the assessment and acquisition phase before going on to manage the entire lifecycle of the purchased properties from renovation, maintenance, rental management and future resale.
“There is a new asset class emerging in the U.S., the single-family rental," said Paul Hayman, CEO at PropertyAccess. "The amount of interest it's garnering from the capital markets coupled with the unprecedented volume of potential inventory is creating an economic opportunity that hasn't been available before in residential rental housing.”
