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The acquisition is being made through Ares U.S. Real Estate Fund IX LP, and involves properties in Tennessee, Texas, Georgia and North and South Carolina.
The median price of an existing single-family house, at $276,900, was much higher in June 2018 than it was the year before, according to the National Association of Realtors.
There doesn’t appear to be any slowdown in the demand for this product type, particularly with the increasing use of technology and the growth of remote working.