Amherst Sells Portfolio Of Homes To Altisource

Amherst Holdings, LLC  (“Amherst”) announced that its Single Family Residential platform has sold a portfolio of 751 single family rental properties to Altisource Residential, L.P. (“Altisource Residential”), an operating partnership controlled by Altisource Residential Corporation (NYSE: RESI), a publicly traded REIT, for a total sale price of $117.1 million.

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The transaction represents Amherst’s second closing with Altisource Residential as part of a March 2017 agreement to sell Altisource Residential up to 3,500 single family rental properties this year. Amherst and Altisource Residential have now closed on the purchase and sale of 1,508 single family rental properties in the first half of 2017.

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Under the terms of the agreement, Altisource Residential has purchased a fee simple interest in the portfolio of properties, and Amherst-sponsored entities are providing seller financing equal to 75 percent of the sale price. Amherst will remain the property manager for the portfolio through its subsidiary, Main Street Renewal, LLC, a vertically integrated property acquisition, repair and management business that currently manages more than 12,000 single family rental properties across the United States.

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“We are excited to continue our partnership with Altisource Residential to deliver portfolios of professionally managed single family rental properties with strong cash flow,” said Drew Flahive, President of the Amherst Single Family Residential platform. “Amherst is committed to investing significant capital in this asset class as single family rental properties continue to demonstrate strong performance momentum and institutional investor interest in this asset class continues to rise.”

The Amherst Single Family Residential platform provides a comprehensive suite of services to facilitate ownership of single family rental properties, including the sale of stabilized cash flowing properties, property management services, asset level financing and asset management services. With a deep understanding and proprietary analytics on the single family home and mortgage markets, Amherst’s platform combines a unique combination of national scale with local market knowledge and execution. The platform has sold over 9,000 professionally managed rental properties since the beginning of 2016 to institutional investors and operators.

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