Altisource Residential has stated that it plans to grow its single-family rental portfolio to more than 25,000 in the next few years and it took a step in that direction late last week when it announced the purchase of 4,262 single-family rental properties, reports HousingWire staffer Ben Lane.

The deal is for an aggregate purchase price of $652.3 million and more than doubles Altisource’s rental holdings. The transaction is a seller-financed deal and the homes were acquired from “investment funds sponsored by Amherst Holdings,” according to Altisource.

Altisource said that the acquisition “greatly enhances” its presence in new and existing markets, including Florida, Texas, Georgia, Tennessee, North Carolina and South Carolina.

“These high-yielding properties are an excellent fit for the Residential brand and expand our geographic reach in strategic markets,” George Ellison, Altisource’s CEO, said. “The acquisition of these properties is a crucial milestone for Residential and keeps the company on track to achieve its stated goal of 10,000 rental homes by the end of 2016.”

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