Benzinga | May 26, 2021 09:09AM EDT

Presidio Property Trust Said Acquired Six Model Home Properties On May 20; Terms Not Disclosed

Presidio Property Trust (NASDAQ:SQFT), an internally managed, diversified real estate investment trust, announced that, through subsidiary and affiliate entities, it acquired six model home properties on May 20, 2021. These newly constructed single-family homes are located in the Dallas-Fort Worth metroplex and are leased back to the homebuilders on a triple-net basis.

"In spite of a fiercely competitive single-family home market in Texas, our long-standing relationships with builders continue to bear fruit," said Larry Dubose, President of Dubose Advisors.

"We believe that growth in Texas still has a long way to run," said Jack Heilbron, President and Chief Executive Officer. "With the state's MOI (months of inventory) at only 1.4 months, and Dallas-Fort Worth's MOI at only 1.3 months, we see continued support for our model home business strategy."