AUSTIN, Texas, June 29, 2017 /PRNewswire/ -- Amherst
Holdings, LLC ("Amherst")
announced today 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. 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.
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.
"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.
About the Amherst Single Family Residential
platform
The Amherst Single Family Residential platform
currently manages multiple pools of capital that invest in single
family rental homes. Since the platform was created in 2012, it has
raised more than $3.5 billion of debt and equity capital
in support of its acquisition, stabilization and portfolio sale
activities. To manage its portfolio of single family properties and
support its development and sale activities, Amherst founded Main Street Renewal, LLC, an
internally managed, vertically integrated property acquisition,
repair and management business.
About Amherst Holdings
For over 20 years, Amherst and its affiliates have
provided institutional investors with a broad suite of financial
services related to U.S. real estate, mortgage and securitized
product markets. During this period, Amherst has made
extensive investments to develop data, technology resources and
proprietary analytical tools that have helped position the firm as
a market leader in the areas of real estate risk analysis and
behavioral economics. Amherst was
one of few mortgage specialists to anticipate the mortgage crisis
and has continued to use its experience and analytic resource
advantages to evaluate new risks and opportunities in the real
estate markets. The firm is majority owned by its employees and
employs approximately 750 professionals through its various
subsidiaries and affiliates across its single family residential,
asset management, investment banking and technology platforms. For
more information, please visit www.amherst.com.
Forward-Looking Statements
This announcement contains statements that constitute
forward-looking statements, including certain statements regarding
market and demographic trends, our commitment to sell a number of
properties in 2017, our long term business strategy, and our
ability to expand our single family residential platform's
activities and capabilities. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. Terms such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Actual events or
results may differ materially from those discussed in
forward-looking statements as a result of various risks and
uncertainties, including general political, financial market, and
economic conditions, market and operational risks and our ability
to obtain financing and achieve our business objectives. Changes in
interest rates could adversely affect our business model.
Amherst's agreement to sell
additional properties to Altisource Residential is subject to
conditions to completion, which may not be satisfied or waived. The
forward-looking statements contained in this announcement are based
on our beliefs, assumptions and expectations of our future
performance, taking into account information currently available to
us. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy any securities.
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SOURCE Amherst Holdings, LLC