American Homes 4 Rent (AMH) has grown its portfolio of single-family rental housing with the acquisition of 900 new properties from Ellington Housing.
According to American Homes 4 Rent, the properties are located in markets in Arizona, Colorado, Georgia, North Carolina, Tennessee and Texas.
American Homes 4 Rent paid approximately $126 million for the properties, including approximately $74.4 million in cash. The remaining $51.6 million covers an assumption of debt that matures on July 1, 2019 and bears interest at 4.055% per year, the company said.
With the acquisition, American Homes 4 Rent now owns more than 31,000 single-family properties in selected submarkets in 22 states.
"We are pleased to acquire these well-located, high-quality homes that are in our markets," said David Singelyn, American Homes 4 Rent’s CEO. "We expect to move quickly to seamlessly integrate these homes and realize the resulting synergies as we continue to grow our business."