Bio of potential Acquisition
Real Estate Ownership
investing in communities
HOF currently owns over 225 residential properties in the City of Philadelphia. They are considered row homes, as they are adjacent to the property next door, usually have little if any front or back yard, and are around 900 to 1,200 square feet in size.
The Philadelphia rental market continues to gain strength, going from under 37% renters to over 43%. Rents continue to firm and areas north and southwest of the central business district continue re-gentrification. Fortunately, we have homes in those areas and have seen significant increases in property values.
The Fund is in the process of selling the properties to a public company called Praco Corporation (PRAY, NASDAQ) in exchange for the majority of stock in Praco. Currently, the real estate is generating gross rents of over $1,000,000 per year, and approximately $400,000 in free cash. HOF expects to complete the transactions by the end of the second quarter 2015.
Praco anticipates raising cash for acquisition of additional houses and looks to concentrate exclusively in single-family residential rental housing.
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