Digital real estate investment firm Flock has completed a $6.7 million purchase of 23 multifamily properties in the Gardere area, according to records filed with the East Baton Rouge Parish Clerk of Court’s office.
The purchasing company is Signal SFR LLC, which registered with the Louisiana Secretary of State’s office in mid-August and whose sole member is Delaware-registered and Denver-based Flock Homes.
The company is one of an emerging number of online real estate investment platforms that are purchasing rental properties throughout the country and who the Wall Street Journal nicknamed “laptop landlords” in a recent article about the emerging trend.
Several of the online firms—such as Arrived and Roofstock—operate by crowdsourcing funding for the purchase of rental properties that return dividends to their investors. Flock’s clients, on the other hand, sign over ownership of their properties in exchange for shares in proportion to the owner’s existing equity, according to its website. As the new landlord, the platform then takes over responsibility for managing its new rental asset.
Seven different Louisiana-registered LLCs are the sellers in the $6.7 million transaction, all of which are represented by registered agent Henry Terhoeve and list John Terhoeve of Colleyville, Texas, as manager in their business filings.