Real Estate

Amherst Holdings increases single-family rental portfolio with $78.3 million deal

Acquires 671 properties from Broadtree Residential

Austin, Texas-based Amherst Holdings has spent 2017 buying and selling single-family rental homes.

In just a handful of examples, last month, Amherst completed a three-part deal that saw the company sell 3,465 single-family rental homes to Altisource Residential for a total sale price of $534.9 million. The deal was completed throughout 2017.

And in October, Amherst’s single-family residential platform acquired a portfolio of 1,523 single-family rental properties from Tricon American Homes for approximately $153.4 million.

Now, Amherst is closing out the year with another acquisition.

The company announced late last week that its single-family residential platform completed the acquisition of 671 single-family rental homes from Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate, for approximately $78.3 million.

The properties in the deal are located primarily in the Atlanta and southeast Florida markets.

“With the size, flexibility and attractive cost of capital associated with our platform, we are uniquely positioned to expand our portfolio of single family rental properties across many of the largest markets in the U.S.,” Drew Flahive, president of Amherst Single Family Residential, said. “Single family rental properties continue to demonstrate strong performance, and we are excited to acquire this portfolio from Broadtree.”

Including the properties in this deal, the Amherst’s single-family residential platform acquired more than 6,000 rental properties in 2017 as part of the company’s plan to invest institutional capital in target markets across the country.

Through its subsidiary, Main Street Renewal, the Amherst single-family residential platform currently manages more than 17,000 properties in 18 states.

“This acquisition further enhances our scale in markets where we see significant value, particularly Atlanta and Miami,” said Keith Ramsden, chief investment officer of Amherst Single Family Residential.

“We continue to invest significant capital into this asset class and see tremendous value in executing portfolio acquisitions that grow our footprint in key markets and facilitate expansion into areas of high growth,” Ramsden added. “Our partnerships with single family owners and operators are instrumental in the execution of this strategy, and we are actively seeking acquisition opportunities of all sizes in the coming quarters.”

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