Silver Bay Realty Trust, a real estate investment trust and one of the country’s largest operators of single-family rental homes, is expanding its portfolio.
The REIT announced Wednesday that it plans to acquire approximately 320 leased homes located in Atlanta, Tampa and Orlando from an undisclosed seller for approximately $41.5 million in cash.
According to Silver Bay, the properties in question are approximately 95% occupied and carry average existing rents of approximately $1,215 per month.
Silver Bay said that the purchase price per square foot for the properties is approximately $72.
The company said that the transaction, which is expected to close in 15-30 days, will be financed using the company’s existing $400 million credit facility.
“We believe this portfolio is an attractive investment opportunity that will increase density in our existing markets and leverage our infrastructure,” said Thomas Brock, Silver Bay’s chief executive officer. “We will continue to seek ways to optimize our portfolio in our core markets to improve our overall yield and drive increased cash flow.”