Amherst Holdings  announced today that its Single-Family Residential platform sold a portfolio of 751 single-family rental properties to Altisource Residential  for a total sale price of $117.1 million.
The Single-Family Residential platform currently manages multiple pools of capital that invest in single-family rental homes, and it has raised more than $3.5 billion of debt and equity capital in support of its acquisition, stabilization, and portfolio sale activities since 2012.
Amherst's platform combines a combination of national scale with local market knowledge and execution. The platform has sold over 9,000 professionally managed rental properties since the beginning of 2016 to institutional investors and operators.
The transaction announced Friday signifies Amherst's second closing with Altisource Residential as part of a March 2017 agreement to sell Altisource Residential up to 3,500 single-family rental properties this year. Amherst and Altisource Residential have now closed on the purchase and sale of 1,508 single-family rental properties in the first half of 2017.
Under terms of agreement, Altisource Residential has purchased a fee-simple interest in the portfolio of properties, and Amherst-sponsored entities are providing seller financing equal to 75 percent of the sale price.
Drew Flahive, President of the Amherst Single Family Residential platform said the firm is excited to continue its partnership with Altisource Residential to deliver portfolios of professionally managed single-family rental properties with strong cash flow.
"Amherst is committed to investing significant capital in this asset class as single family rental properties continue to demonstrate strong performance momentum and institutional investor interest in this asset class continues to rise," Flahive said.
Amherst will remain the property manager for the portfolio. To manage its portfolio of single-family properties and support its development and sale activities, Amherst founded Main Street Renewal, LLC, an internally managed, vertically integrated property acquisition, repair, and management business that currently manages more than 12,000 single family rental properties across the U.S.