Amherst, Altisource Complete SFR Sale Agreement

Even as it has sold about 10,000 single-family rental units since the beginning of 2016, Amherst continues to seek buying opportunities. rental properties since the beginning of 2016.

AUSTIN, TX and CHRISTIANSTED, USVI—Altisource Residential Corp. (RESI) and Amherst Holdings said Wednesday afternoon they had closed on the third and final phase of an agreement for RESI to acquire as many as 3,500 single-family rentals from Amherst. Wednesday’s closing involved 1,957 SFR properties that traded for an aggregate $305.1 million, bringing the total to 3,465 properties for $534.9 million.

Under the terms of the agreement announced this past March, RESI bought a fee simple interest in the properties, and Amherst-sponsored entities provided seller financing equal to 75% of the total sale price, or $401.2 million, via two separate loan agreements, each with a term of five years and a fixed interest rate of 4.0%. Amherst subsidiary Main Street Renewal LLC will remain the property manager.