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Altisource Completes $106.5 Million Property Purchase from Amherst

On Friday, Amherst Holdings LLC [1]announced that its Single Family Residential platform has sold a portfolio of 757 single family rental properties to Altisource Residential, L.P [2]. for a total sale price of $106.5 million.

This is Amherst’s second transaction with Altisource Residential. Amherst and Altisource Residential have agreed to transact on up to an additional 2,750 single family rental properties in 2017. Under the terms of the agreement, Altisource Residential has purchased a 100 percent equity interest in the portfolio, 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 over 11,000 single family rental properties across the United States.

“The current macroeconomic backdrop coupled with shifting behavioral trends of U.S. consumers have resulted in continued positive momentum in the performance of single family rental assets.  This performance has driven significant institutional investor interest in the asset class,” said Drew Flahive, President of Amherst Single Family Residential. “Amherst’s vertically integrated business model provides a turnkey investment opportunity, which we believe will facilitate the growth of institutional investment in single family rental assets.  We are investing meaningful amounts of capital in this asset class as we remain very constructive about its forward prospects."