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Amherst scoops up rental home portfolio in Broward and Palm Beach counties

Trade also includes homes in New York, Georgia and Minnesota

Aerial view of homes in Palm Beach County (Credit: Wikipedia)
Aerial view of homes in Palm Beach County (Credit: Wikipedia)

Amherst Holdings just spent $25.7 million for a portfolio of single-family rental homes in Broward and Palm Beach counties, property records show.

The trade is part of a larger national deal with seller Broadtree Residential, a private real estate investment trust managed by Broadstone Real Estate. The Austin, Texas-based Amherst paid $78.3 million for 671 rental homes in New York, Florida, Georgia and Minnesota, according to a press release. The trade breaks down to about $116,700 per home across the four states.

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A majority of the rental homes sold in South Florida sit in Palm Beach County. Records show Broadtree Residential sold 165 homes in Palm Beach for $24.3 million and nine homes in Broward for $1.4 million.

Amherst has been busy picking up and selling bulk single-family rental home portfolios. In 2017, it sold 3,465 single-family rental homes to Altisource Residential for a total of $534.9 million, according to HousingWire. In October, the firm paid $153.4 million for 1,523 single-family rental properties from Tricon American Homes.

The latest acquisition is on par with Broadstone’s recent shift toward investing in Class B multifamily apartment assets. The REIT joins a number of investors selling single-family portfolios and shifting gears into multifamily real estate, signaling a confidence in the market.

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