GTIS Partners has announced the sale of a 1,081 US single-family rental (SFR) portfolio to an undisclosed buyer for $300m (€253m).
The real assets investment firm said with the sale of the assets – located across Atlanta, Georgia and Nashville, Tennessee – the company has now completed the disposition of substantially all the homes it acquired in the wake of the housing crisis.
GTIS has over the last three and a half years sold 2,630 additional homes to institutional buyers for approximately $400m and another 376 homes have been sold or are in the process of being sold through retail channels.
Tom Shapiro, president and CIO at GTIS, said: “Our SFR investments have been strong performers to date and have generated attractive risk-adjusted returns for our investors.
“Institutional investor interest in the asset class has gained momentum and we continue to see strong consumer demand for SFR product.”
Shapiro said this sale represents an important milestone for the firm as it exits the first phase of its SFR platform and shifts its focus to “providing new purpose-built rental product to a market that is in desperate need of new, high-quality supply”.
Rob Vahradian, a senior managing Director at GTIS, said, “We have seven build-to-rent projects underway at various stages of development across Phoenix and South and Central Florida, and more projects in the pipeline.
“The seven projects currently under development total 1,370 units and an estimated $340 million in total project cost.”
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