AUSTIN, Texas, Oct. 24, 2017 /PRNewswire/ -- Amherst Holdings, LLC ("Amherst") today announced that its Single Family Residential platform has completed the acquisition of a portfolio of 1,523 single family rental properties from a large institutional owner and operator of these assets for approximately $153.4 million.
The acquisition is a continuation of Amherst's strategy to invest in the single family rental sector in markets across the United States. The acquired 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. Through this acquisition, Amherst will begin management operations in two new markets -- Columbus, Ohio and Tucson, Arizona.
"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," said Drew Flahive, President of Amherst Single Family Residential. "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."
"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," said Keith Ramsden, Chief Investment Officer of Amherst Single Family Residential. "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."
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 approximately 16,000 properties across 17 states, including properties acquired in this acquisition.
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 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.
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 775 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