Altisource Residential, L.P., an operating partnership controlled by Altisource Residential Corporation, a publicly traded REIT, has closed on the purchase of a portfolio of 4,262 single family rental properties in a $652 million transaction. A sponsored entity of the seller, Amherst Holdings, is providing seller financing equal to 75 percent of the purchase price. Amherst will remain the property manager for the portfolio through its subsidiary, Main Street Renewal LLC.
Drew Flahive, President of Amherst Single Family Residential said the deal matches the company’s established strategy. “We have built an integrated platform with the ability to acquire, develop and convert individual single family properties to rental use and then orchestrate the sale of large portfolios of these homes to institutional investors. We will continue to expand our acquisition and property management activities to meet the growing demand from both consumers and investors for high quality rental properties.”
