AUSTIN, Texas, March 6, 2019 /PRNewswire/ -- Amherst Residential, LLC ("Amherst Residential"), a vertically-integrated owner and operator providing all necessary services to owners of single-family real estate, today announced that, through its affiliates and subsidiaries, it has completed the acquisition of 2,400 single-family rental properties since October 2018 in several transactions valued at approximately $404.1 million in the aggregate. In the largest of these transactions, which closed in February 2019, Amherst Residential acquired 446 single-family rental homes for $103.3 million.
The acquired properties are located in 43 Metropolitan Areas across 18 states nationwide, including Miami, FL; Greensboro/Winston Salem, NC; Atlanta, GA; Memphis, TN; and Phoenix, AZ. With these acquisitions, Amherst Residential has expanded its national footprint to cover 29 markets, including the following new markets: Salt Lake City, UT; Las Vegas, NV; Seattle, WA; and Denver, CO.
"We see an opportunity for consolidation across the single-family residential market, and are focused on executing portfolio acquisitions that facilitate expansion into areas of high growth," said Drew Flahive, President of Amherst Residential. "With the size, flexibility and attractive cost of capital associated with our scalable platform, we are uniquely positioned to capitalize on market fragmentation to aggregate bulk portfolios of single-family rental assets."
Including the properties acquired in its most recent transactions, Amherst Residential, through its affiliates and subsidiaries, has acquired more than 23,000 single-family homes since its establishment in 2012 as part of the company's continuing strategy to invest institutional capital in target markets across the United States. Amherst Residential is actively pursuing additional acquisition opportunities, targeting the purchase of more than 10,000 single-family rental homes by the end of 2019.
"Across Amherst's rapidly growing single-family rental platform, occupancy is high, rent growth is strong and margins are expanding as we continue to enhance our presence in markets where we see significant value and growth opportunities," said Joe Negri, Co-Head of Institutional Single-Family Residential at Amherst Residential.
"Supply of single-family housing inventory in the United States is at historical lows and we are seeing consistently strong demand for high-quality, safe and affordable, single-family housing," said Chris Avallone, Co-Head of Institutional Single-Family Residential at Amherst Residential. "Amid this rising demand, we intend to accelerate acquisition activities and continue to provide the market with value-add services to lower the cost of real estate ownership."
About Amherst Residential
Amherst Residential is the residential real estate division of The Amherst Group, LLC ("Amherst"). Since its inception in 2012, Amherst Residential and its affiliated funds have acquired and operated more than 23,000 homes. Underpinned by proprietary technology, robust analytics and a deep understanding of U.S. real estate markets, Amherst Residential combines national scale with local market expertise and on-the-ground execution to serve institutional investors, retail investors and consumers. With more than 700 employees in 29 markets across 20 states, Amherst Residential has raised more than $5 billion of debt and equity capital to support its single family rental portfolio since the platform's creation.
Amherst is a proven leader in developing innovative investment solutions in the real estate capital markets. Driven by data, analytics and technology, Amherst has a 20-year history of anticipating where the next risks and opportunities are likely to emerge and designing actionable strategies for investors to capitalize on opportunities across residential real estate, commercial real estate and public securities. Amherst has built vertically integrated real estate investment teams supported by Amherst's data and analytics platform, with more than 60 dedicated technology professionals, Ph.D.'s and data scientists focused on developing proprietary modeling and analytical tools. Amherst, along with its affiliates and subsidiaries, including Amherst Residential, has more than 850 employees, $3.9 billion under management and approximately $15 billion under advisement and oversight. 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 Residential