Montgomery County property sale records show a seller, VB One LLC, selling dozens of local properties to a buyer, Vinebrook Homes Borrower 1 LLC, for a total sale price of $25,157,500.
Many of the transfers are recorded as happening on Dec. 28. Records show just over 180 homes were transferred in Montgomery County.
Ohio incorporation papers for both the buyer and seller in the transactions were signed by Brian Mitts, a VineBrook Homes Trust, Inc. board member.
The addresses for the approximately 182 homes sold are found mostly in Dayton, Huber Heights and Harrison Twp.
A 2023 Dayton Daily News investigation found that VineBrook owned about 15% of homes in Huber Heights, according to an estimate from city officials at the time.
That included single-family homes, as well as apartment and townhomes.
This newspaper’s investigation also found that from January 2022 to early 2023, the city of Huber Heights had received more than 350 code violation complaints involving VineBrook.
VineBrook Homes is one of the nation’s larger institutional landlords, and in recent weeks has sold off chunks of its portfolio, real estate writer Lance Lambert noted in a recent story on the FastCompany.com website.
Lambert reported in early December that there were 20 U.S. zip codes where VineBrook Homes made up at least 10% of all resale listings then on the market.
The 45424 zip code for Dayton and Huber Heights was on that list.
Why is institutional landlord VineBrook—which owned 25,716 homes at the end of Q3—selling off so many homes right now?
— Lance Lambert (@NewsLambert) December 5, 2023
Read this thread👇 https://t.co/ArH7IFUVRa
Questions were sent Wednesday to two VineBrook representatives. A company spokeswoman said the transfer was an effort to refinance properties to lock in a fixed interest rate.
The VineBrook real estate investment trust still owns the properties, the spokeswoman said.
Earlier in 2023, someone from the company responded to this newspaper’s questions with a statement.
“VineBrook Homes is a company with deep Ohio roots that has worked to breathe new life into local properties and provide safe and affordable homes to residents across the community, helping set them on a path toward homeownership,” that statement said. “Our corporate headquarters is in Dayton and our team prioritizes customer service. We are committed to providing a transparent rental process for our residents, with responsibilities and fees dictated by the terms of the executed lease agreement.”
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