07/11/2019 - 13:30

The Agency to manage Aspen’s $20m portfolio

07/11/2019 - 13:30

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The Agency has been appointed to manage Aspen Group’s recently acquired $20 million Perth rental portfolio.

The portfolio includes 84 residential properties. Photo: Gabriel Oliveira

The Agency Group Australia has been appointed to manage Aspen Group’s recently acquired $20 million Perth rental portfolio.

The portfolio includes 84 residential properties located in the City of Rockingham and the City of Swan.

The properties are considered family dwellings with three to four bedrooms, two bathrooms and two carports, and average rent of $351 per week.  

The deal has contributed to 34 per cent growth in The Agency’s Western Australian property management portfolio from 827 properties under management to 1,109, and increased its national portfolio by 10 per cent in the 2019 calendar year.

The Agency managing director Paul Niardone said he was excited to embark on this relationship with Aspen Group.

“As a national real estate business, The Agency’s relationship with Aspen Group began through our east coast operation and we are looking forward to our joint trajectory,” he said.

“Since The Agency’s inception, building the national property management portfolio has been a key strategy in establishing the brand’s foundation.

“This engagement shows a major vote of confidence in our award-winning property management team, who consistently achieve above-industry results in terms of vacancy and churn rates.”

Aspen Group joint chief executive John Carter said The Agency provided the best total proposal for their management and reporting requirements.

The property group bought the properties in late October for about $238,000 each.

Aspen Group had sold nearly all of its office and residential properties by 2017 after deciding to focus on holiday and accommodation villages and has now changed its business plan to target the affordable housing sector.

In a statement, the group said after this acquisition, the majority of its portfolio would be located in metropolitan areas and leased on a long-term basis.

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