Rare listing hits market with $50M asking price

A residential property portfolio comprising 294 residential units this week hit the southwest Missouri real estate market for a combined $50.7 million asking price.

Lee McLean III, listing agent for the portfolio via SVN/Rankin Co., said the listing's magnitude is uncommon. It totals more than 460,000 square feet of residential rental space.

"It’s very rare to see an investment opportunity of this size come available in any market, including Springfield," he said.

McLean declined to disclose the seller of the portfolio that comprises 262 single-family rental units and 32 condos, patio homes and duplexes. He said while the entire 294-unit portfolio is for sale at $50.7 million, the listing also can be broken into more than 20 packages based upon location.

The listing indicates the properties are largely in Springfield and surrounding communities such as Nixa and Ozark. The properties are 99% occupied and generated some $3.9 million in annual scheduled rent, according to the listing. The average year built for the properties is 2004.