Amherst Holdings' Single Family Residential Platform Acquires 671 Properties from Broadtree Residential for $78.3 Million
Single Family Residential Platform Has Acquired More Than 6,000 Single Family Rental Properties in 2017; Now Manages More Than 17,000 Single Family Rental Properties in 18 States across the United States
22 Dec, 2017, 15:02 ET
AUSTIN, Texas, Dec. 22, 2017 /PRNewswire/ -- Amherst Holdings, LLC ("Amherst") announced today that its Single Family Residential platform has completed the acquisition of 671 single family rental properties from Broadtree Residential, Inc. ("Broadtree"), a private real estate investment trust managed by Broadstone Real Estate, LLC, for approximately $78.3 million. The acquired properties 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.," said Drew Flahive, President of Amherst Single Family Residential. "Single family rental properties continue to demonstrate strong performance, and we are excited to acquire this portfolio from Broadtree."
Including the properties acquired in this transaction, the Amherst Single Family Residential platform has acquired more than 6,000 single family rental properties in 2017 as part of the company's strategy to invest institutional capital in target markets across the United States. Through subsidiary Main Street Renewal, LLC, a vertically-integrated property acquisition, repair, and management business, the Amherst Single Family Residential platform currently manages more than 17,000 single family rental properties in 18 states across the U.S.
"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. 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."
About the Amherst Single Family Residential Platform
The Amherst Single Family Residential platform currently manages multiple pools of capital that invest in single family rental properties. Since the platform was created in 2012, it has raised over $4.0 billion of debt and equity capital in support of its investment in this asset class. Main Street Renewal, LLC, a wholly-owned subsidiary of Amherst Single Family Residential, is an internally managed, vertically-integrated property acquisition, repair, and management business. Main Street Renewal, LLC currently manages more than 17,000 properties across 18 states, including properties acquired in this transaction.
The Amherst Single Family Residential platform provides a comprehensive suite of services to facilitate the ownership of single family rental properties, including property management services, asset level financing and asset management services. With a deep understanding of and proprietary analytics on the single family home and mortgage markets, Amherst's platform combines a unique combination of national scale with local market knowledge and execution.
About Amherst Holdings
For over 20 years, Amherst and its affiliates have provided institutional investors with a broad suite of financial services related to the U.S. real estate, mortgage and securitized product markets. During this period, Amherst has made extensive investments to develop data, technology resources and proprietary analytical tools that have helped position the firm as a market leader in the areas of real estate risk analysis and behavioral economics. Amherst was one of few mortgage specialists to anticipate the mortgage crisis and has continued to use its experience and analytic resource advantages to evaluate new risks and opportunities in the real estate markets. The firm is majority owned by its employees and employs approximately 800 professionals across its single family residential, asset management, investment banking and technology platforms. For more information, please visit www.amherst.com.
This announcement contains forward-looking statements, including certain statements regarding market and demographic trends, our long term business strategy, and our ability to expand our single family residential platform's activities and capabilities. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Terms such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various risks and uncertainties, including general political, financial market, and economic conditions, market and operational risks and our ability to obtain financing and achieve our business objectives. The forward-looking statements contained in this announcement are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any securities.
SOURCE Amherst Holdings, LLC
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