The demand for safe, affordable, good-quality housing continues to rise in the U.S., but the bulk of today’s existing housing stock is outdated or, in some cases, toxic due to lead paint and poor conditions. As Millennials enter the housing market in greater numbers, many potential homebuyers don’t have sufficient capital for a down payment or good enough credit to obtain mort- gage financing, and are often unable to renovate properties that are outdated or of sub-standard quality.
In response to these economic and financial challenges for prospective homebuyers, a new class of housing has emerged in the market to provide adequate homes for median-income families. Amherst Residential, an early pioneer in the single-family rental space, has developed innovative products and services to help solve these issues and enable investment into portfolios of U.S. single-family rental homes.
For those not interested in owning a home, Amherst Residential offers a portfolio of high-quality, affordable rental homes across the U.S. “We renovate these properties to a high standard and make them more affordable for individuals and families across the U.S.,” said Joe Negri, co-head of Institutional Single-Family Residential at Amherst Residential.
“Amherst Residential offers a variety of investment structures and partnerships in which we will purchase, renovate and lease or manage the properties for investors globally,” said Drew Flahive, president of Amherst Residential.
“The portfolios can be tailored to suit the risk-appetite of our investors and if they prefer to own the homes directly, we can arrange structures whereby Main Street Renewal, a subsidiary of Amherst Residential, provides property management services,” Flahive said.
In 2018, Amherst Residential launched Bungalo, its direct-to-consumer technology platform, to provide consumers with a streamlined way to buy a turnkey renovated home online. The platform allows individuals to search, tour and apply for homes that have been thoroughly inspected and renovated by designers, all through a user-friendly web interface.
Amherst Residential combines institutional-quality infrastructure with the agility of a startup. Underpinned by more than 20 years of property and real estate market data, as well as proprietary technology and analytics, Amherst Residential is uniquely positioned to identify and capitalize on valuable market opportunities, allowing the company to purchase properties with high home price appreciation potential.
Amherst Residential maintains a singular focus on real estate, allowing for a highly specialized approach to identifying new opportunities and the continuous evolution of its business model as the landscape further shifts and develops.
“We are continuing to grow our suite of products and services to offer institutional investors, retail investors and owner-occupants of real estate an easier, more efficient way to buy, sell, rent or invest in properties in the U.S.,” said Chris Avallone, co-head of Institutional Single-Family Residential at Amherst Residential.
Drew Flahive, President
Drew Flahive is President of Amherst Residential, leading the initiative to design and implement debt and equity financing strategies for its rapidly growing single-family rental business. Flahive is based at the firm’s headquarters in Austin, Texas, and works closely with the Main Street Renewal team as a member of the Main Street Renewal Senior Management Committee. Flahive is also a senior member of the Vaca Morada team working to strengthen and scale the single-family rental platform.
Chris Avallone, Co-Head of Institutional Single-Family Residential
Christopher Avallone is Co-Head of Institutional Single-Family Residential at Amherst Residential and is responsible for executing all aspects of Amherst Residential’s single-family rental strategy in the U.S. Avallone is also Amherst Residential’s Head of Capital Management and is responsible for the execution of all equity and debt financing for Amherst Residential, its joint ventures and its funds. Avallone is based at the firm’s headquarters in Austin, Texas, and sits on the firm’s Management Committee and Finance Committee.
Joe Negri, Co-Head of Institutional Single-Family Residential
Joe Negri is a Managing Director and Co-Head of Institutional Single-Family Residential at Amherst Residential. Negri joined Amherst Residential in 2012 as a member of its founding team, where he helped launch and manage the single-family residential investment infrastructure and led an in-depth review of potential investment markets for the firm. During his first few years at Amherst Residential, Negri underwrote and transacted on more than $3 billion of single-family real estate, and was instrumental in the design and growth of the property management operating platform, Main Street Renewal. More recently, Negri spearheaded the design and implementation of Amherst Residential’s Asset Management division, which oversees daily in- vestments, leasing and capital expenditure activities for the platform.