Source: Amherst Holdings / #Rental #Homes
AUSTIN, TX - Amherst Holdings announced that its Single Family Residential platform has completed the acquisition of 671 single family rental properties from Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate, 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."