Amherst Holdings Acquires 671 Single-Family Rental Properties

Amherst Holdings announced the acquisition of 671 single family rental properties from Broadtree Residential Inc. for $78.3 million ($116,692/unit).

The SFR portfolio includes rental houses in the suburban markets within the states of Georgia, Florida, New York and Minnesota. Including the properties acquired in this transaction, Austin-based Amherst added more than 6,000 single family rental properties to its portfolio in 2017.

“This acquisition further enhances our scale in markets where we see significant value, particularly Atlanta and Miami,” said Keith Ramsden, chief investment officer of Amherst Single Family Residential. “We continue to invest significant capital into this asset class and see tremendous value in executing portfolio acquisitions that grow our footprint in key markets and facilitate expansion into areas of high growth.”

“We are actively seeking acquisition opportunities of all sizes in the coming quarters,” Ramsden added.

For the seller, Broadtree Residential, the sale substantially completes its strategic shift from SFR properties to focus on acquiring Class B multifamily apartment assets, primarily in the Southeast U.S.

“The successful sale of the SFR portfolio signifies the start of an exciting new era for Broadtree,” said Chris Czarnecki, Broadtree’s CEO. “Broadtree intends to re-invest the proceeds from this divestiture in the acquisition of multifamily assets within the coming months.”

Broadtree Residential is a private REIT sponsored by Rochester, NY-based Broadstone.

Source: Amherst Holdings Acquires 671 Single-Family Rental Properties