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.
“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.”