October 11, 2016
Amherst Holdings LLC, headquartered in Austin, TX has sold a huge portfolio of 4,262 single-family rental homes to Altisource Residential Corp. The Virgin Islands-based buyer paid $652 million for the homes, which are in Florida, Texas, Georgia, Tennessee and South Carolina. According to Amherst CEO Sean Dobson, “We are creating turnkey opportunities for investors globally to gain access to large portfolios of professionally managed and financed rental homes.”
As part of the transaction, Amherst is providing seller financing equal to 75% of the purchase price. Amherst will also remain the portfolio’s property manager through subsidiary Main Street Renewal LLC.
The transaction more than doubles Altisource Residential’s single-family rental portfolio, while boosting its presence in different markets. Altisource is moving to becoming a 100% single-family REIT.
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