NEW YORK, Sept. 30, 2016 /PRNewswire/ -- Amherst
Holdings LLC today announced that its single family residential
platform completed the sale of a portfolio of 4,262 single family
rental properties for $652 million.
The purchaser is Altisource Residential, L.P., an operating
partnership controlled by Altisource Residential Corporation, a
publicly traded REIT, which has acquired a 100 percent equity
interest in the portfolio. As part of the transaction, an
Amherst sponsored entity is
providing seller financing equal to 75% of the purchase price.
Amherst will remain the property
manager for the portfolio through its subsidiary, Main Street
Renewal LLC. This is Amherst's
second major transaction this year with an institutional
investor.
"This sale is a marquee transaction for our single family rental
business and demonstrates key aspects of our unique business model.
We are creating turnkey opportunities for investors globally to
gain access to large portfolios of professionally managed and
financed rental homes." said Sean
Dobson, Chief Executive Officer at Amherst Holdings LLC.
Drew Flahive, President of
Amherst Single Family Residential said, "We have built an
integrated platform with the ability to acquire, develop and
convert individual single family properties to rental use and then
orchestrate the sale of large portfolios of these homes to
institutional investors. We will continue to expand our acquisition
and property management activities to meet the growing demand from
both consumers and investors for high quality rental
properties."
Amherst received legal counsel
from Skadden, Arps, Slate, Meagher & Flom LLP and Mayer Brown
LLP. Nomura Securities International Inc. served as the financial
advisor on the transaction.
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 $2.5 billion of debt and equity capital in
support of its acquisition, stabilization and portfolio sale
activities. To manage its portfolio of single family homes and
support its development and sale activities, Amherst founded Main Street Renewal, an
internally managed, vertically integrated property acquisition,
repair and management business. The company has a staff of
approximately 320 professionals located in Austin, Texas and 20 regional offices and call
centers.
About Amherst Holdings
For over 20 years,
Amherst and its affiliates have
provided institutional investors with a broad suite of financial
services related to the 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
Holdings 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 650 professionals
across its single family residential, asset management, investment
banking and technology platforms. For more information, please
visit www.amherst.com.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy any securities.
Media contact:
Meg McDermott
mmcdermott@prosek.com
212-279-3115 ext 238
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visit:http://www.prnewswire.com/news-releases/amherst-holdings-single-family-residential-platform-sells-portfolio-of-4262-homes-to-altisource-residential-lp-for-652-million-300337431.html
SOURCE Amherst Holdings LLC