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

Trade also includes homes in New York, Georgia and Minnesota

TRD MIAMI /
Jan.January 02, 2018 01:37 PM

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.


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Commissioner Steve Geller and map showing areas of Broward County designated as “commerce” and “activity center”

Broward moves to expand affordable housing supply by amending land-use plan

Daily Digest Miami

PurduePharma family behind office purchase in downtown West Palm, Dwyane Wade wants out of Miami Beach manse: Daily digest

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein (Credit: Daily Beast | Getty)

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

arrow_forward_ios
Loading...