Dealmaker: Amherst Residential Acquires $404M SFR Portfolio

Amherst Residential, Austin, Texas, acquired 446 single-family rental homes for $103.3 million in February, part of its $404 million acquisition spree since October.

The firm has acquired 2,400 single-family rental properties for $404 million since last fall. February’s $103.3 million purchase represented Amherst’s largest single transaction to date.

The acquired properties are in 43 metros across 18 states nationwide including Miami, Greensboro/Winston-Salem, N.C., Atlanta, Memphis, Tenn. and Phoenix. With these acquisitions, the firm expanded its national footprint to 29 markets, including new markets Salt Lake City, Las Vegas, Seattle and Denver.

Including the properties acquired in its most recent transactions, Amherst has acquired more than 23,000 single-family rental homes since it launched in 2012. It announced plans to purchase more than 10,000 single-family rental homes by the end of the year. Amherst Residential President Drew Flahive said the firm sees further opportunities for consolidation across the single-family residential market.

Joe Negri, Co-Head of Institutional Single-Family Residential at Amherst Residential, said the firm’s single-family rental platform has seen healthy occupancy, strong rent growth and expanding margins.

“Supply of single-family housing inventory in the United States is at historical lows and we are seeing consistently strong demand for high-quality, safe and affordable, single-family housing,” said Amherst Residential Co-Head of Institutional Single-Family Residential Chris Avallone.