AUSTIN, TX - Amherst Residential, a vertically-integrated owner and operator providing all necessary services to owners of single-family real estate, 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."