When David Miller, the president and CEO of Silver Bay Realty (SBY), said in November that the real estate investment trust was planning to grow its portfolio of single-family rental homes, he wasn’t kidding.

Silver Bay announced Wednesday that it is boosting its portfolio of single-family rental homes by purchasing approximately 2,460 rental homes from The American Home for $263 million.

The acquisition increases Silver Bay’s portfolio by nearly 38%, bringing its total single-family rental ownership to approximately 9,000.

According to Silver Bay, the homes are primarily located in Atlanta, Charlotte, Tampa Bay and Orlando.

“We view this transaction as another transformational milestone for Silver Bay. The American Home Portfolio consists of high-quality, strategically located single-family rental homes with over 90% occupancy that is highly complementary to our business,” Miller said.

“The transaction will significantly expand Silver Bay’s presence in Atlanta, Tampa, Charlotte, and Orlando – key growth markets that exhibit strong economics and long-term rental demand,” Miller continued. “This acquisition will accelerate Silver Bay’s growth strategy, leverage our operating platform and allow us to capture scale efficiencies leading to increased cash flow for our stockholders.”

According to Silver Bay, the American Home portfolio offers several “compelling financial and strategic benefits,” including:

• Leased portion of the portfolio exceeds 90% with average existing rents of approximately $960 per month; the purchase price per square foot of the portfolio is approximately $66

• Increases scale in Silver Bay’s growth markets by acquiring a complementary stabilized portfolio with significant geographic overlap to the company’s existing portfolio. Approximately two-thirds of The American Home portfolio is located in Atlanta, which is one of Silver Bay’s largest markets

“The alignment of rigorous resident underwriting processes, initial renovation standards, and asset preservation philosophies was a significant factor in evaluating The American Home Portfolio,” said Lawrence Shapiro, Silver Bay’s chief operating officer.

“We believe that the similarities in how our companies approach these business practices will be essential to a successful integration.”

The deal is expected to close in approximately 45-60 days, Silver Bay said.