JLL Income Property Trust has expanded its existing relationship with Amherst to acquire up to $500 million in single-family rental homes in a phased venture over the next two years. JLL Income Property Trust will have a 95% ownership in the venture, and Amherst will have a 5% stake. JLL Income Property Trust previously acquired a 47% interest in a 4,000-home portfolio in which Amherst is also a partner and the operator.

 The expanded program closed on 360 single-family rental homes across 10 states that are valued at $120 million. 

 "Single-family rental homes are one of our highest conviction property sectors given numerous tailwinds that should provide resilient demand and the potential for attractive rent growth within this carefully selected portfolio," said Allan Swaringen, President & CEO of JLL Income Property Trust, in prepared comments.  "Home mortgage rates are at 20-year highs, making homeownership less affordable while at the same time remote or hybrid work is becoming a staple in the workplace. Post-pandemic, a growing age cohort of Millennials are seeking more spacious living arrangements than they can find in cities or in the traditional suburban apartment communities and single-family home rentals provide an attractive alternative living situation. There remains a deep shortage in new home construction compared to demand due to elevated construction costs, higher interest rates and lingering supply chain disruptions. Providing high-quality, affordable single-family homes for rent in areas with good schools and safe neighborhoods, where families might not otherwise be able to buy, is a strong value proposition for tenants, these communities, and our investors."