Amherst Holdings boosts single-family rental portfolio in $153.4 million deal
Amherst Holdings, which has recently been selling single-family rental homes out of its portfolio to Altisource Residential, announced this week that its single-family residential platform completed an acquisition of rental properties that pushes its total portfolio to approximately 16,000 homes.
The portfolio consists of properties located in nine markets where Amherst currently owns and manages properties, including Atlanta, Charlotte, Dallas, Jacksonville, Orlando, Phoenix, San Antonio, Southeast Florida and Tampa.
As part of the deal, Amherst is also expanding its single-family rental management operations into two new cities – Columbus, Ohio and Tucson, Arizona.
In a statement, Drew Flahive, the president of Amherst Single Family Residential, said the acquisition could be a harbinger of more to come.
“Single-family rental assets continue to demonstrate strong performance in our target markets, and we intend to continue investing substantial capital into this asset class,” Flahive said. “Because of our platform’s size and attractive cost of capital, we are well positioned to execute on portfolio acquisitions of all sizes in the future.”
Keith Ramsden, the chief investment officer of Amherst Single Family Residential, provided a little more detail on those potential acquisitions.
“This acquisition will further enable us to grow our presence, enhance scale in existing markets, and expand into new markets where we see significant value,” Ramsden said. “We expect that there will be several other portfolio acquisition opportunities in the coming quarters that should serve as further catalysts to continue to grow our footprint in key markets.”