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The Real Deal Miami

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

Trade also includes homes in New York, Georgia and Minnesota
By Amanda Rabines | January 02, 2018 01:37PM

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.

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.