Amherst Buys Single-Family Rental Portfolio for $103M
Amherst Residential is targeting the purchase of more than 10,000 single-family rental homes by the end of 2019.
AUSTIN, 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.
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.