Photo by AmherstAUSTIN, TEXAS—Last month Amherst Residential closed on the acquisition of 446 single-family rental homes for $103.3 million. The properties are located in 43 markets across 18 states, including Miami, Greensboro/Winston Salem, NC, Atlanta, Memphis and Phoenix.
The company, the residential real estate division of The Amherst Group, has been snapping up single-family rental assets at a rapid clip since October 2018. Since that time and including this transaction, it has acquired 2,400 single-family rental properties across several transactions valued at approximately $404.1 million. With these acquisitions, Amherst Residential has expanded its national footprint to cover 29 markets and entered new markets including Salt Lake City, Las Vegas, Seattle and Denver.
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The company is taking advantage of the market fragmentation in the single-family rental home space, says Drew Flahive, President of Amherst Residential.
All together, including its recent deals, Amherst Residential has acquired more than 23,000 single-family homes since its establishment in 2012.
It is targeting the purchase of more than 10,000 single-family rental homes by the end of 2019.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
