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.
According to Blaine Kelley, senior vice president of the global supply chain practice with CBRE, tenants will trade off all other physical features for proximity to customers, labor and suppliers.