STAMFORD, CT—Building and Land Technology has completed its exit from the single-family rental sector with a bulk sale of 4,200 properties to affiliates of Cerberus Capital Management. BLT has also sold its SFR operating platform, BLT Homes, to Cerberus. Terms of the deal were not disclosed; published reports say the sale was valued at $440 million.

“As one of the first institutional investors to enter the single-family rental sector in 2012, we are very pleased with the outcome,” says Carl R. Kuehner III, BLT's chairman and CEO. “This was not only a good investment for BLT and its partners, but it allowed us to be active participants in the country's recovery from the housing crisis.” He adds that Cerberus is “a first-class organization and will continue to provide a high level of service to residents.”

By comparison to BLT as well as the Blackstone Group and Colony Capital, Cerberus is a relative latecomer to the SFR sector as an owner. It acquired Five Ten Capital and a portfolio of 1,500 SFR homes this past spring, but had been lending to smaller landlords in the sector for some time via its FirstKey Holdings unit. The acquisition from BLT, which includes homes in Florida, Illinois, Indiana, Missouri and Tennessee, is believed to be the largest bulk portfolio sale in the SFR sector.

The transaction is BLT's third portfolio sale to institutional investors, following its sale of 1,400 Atlanta-area properties to Blackstone in 2013 and 1,385 more to Tricon Capital Group Inc. earlier this year. During the course of its involvement in the SFR business, BLT acquired, renovated and leased more than 7,000 homes with an aggregate value of nearly $1 billion. The company says its success in the sector is due in part to its local teams, its operating partners and its lender, Citi, which provided the debt facility to finance the portfolio.