Isles, a single-family rental property in Roseville, sold for $57.7 million

As single-family rental projects have started popping up around the region, it was a matter of time before one sold like a multifamily property would. That time appears to be now.

Records show SFR V Tranche 5 Borrower LLC, with an address in Scottsdale, Arizona, bought the Isles single-family rental community in west Roseville in recent weeks.

The address of the buyer corresponds to Progress Residential, a residential rental property management firm. In a statement sent by email, however, Progress Residential said, “Progress Residential is a property manager and does not buy or sell real estate.”

Despite the address, and online searches suggesting the authorized representative for the buyer is an executive vice president and chief financial officer for Progress, the firm said it could not share any additional information.

According to sales records, the buying entity acquired a subdivision proposed for 135 homes and built by homebuilder D.R. Horton Inc. The listed purchase price was $57.7 million.

D.R. Horton (NYSE: DHI), which is also the seller, didn’t return a message seeking comment. The homes themselves are in and around Rydal Circle in the city’s Fiddyment Farms area, and were built within the last year.

According to the website for Isles in Roseville, its homes range from 1,621 to 1,832 square feet, with rents starting at $3,195 a month for the smallest home and $3,375 for the largest ones.

Current occupancy isn’t clear, though on a visit to the development Wednesday morning, at least a handful did not appear to be occupied. Signage at the community indicates D.R. Horton is still involved in the property somehow, and another Isles community is under construction nearby, east of Hayden Parkway.

Even if the exact identity of the buyer isn’t clear, it’s apparent they’ve been active lately. Earlier this year, an entity by the same name bought a single-family rental property in Fairview, North Carolina, for $20.5 million, and a 53-home single-family rental community in Jacksonville, Florida, for $16.7 million.

In both sales, the seller was an affiliate of D.R. Horton, as with the Roseville sale.

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