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TAMPA — An Atlanta company that rents single-family homes in several markets, including the Tampa Bay area, has sold its portfolio for $263 million.
Silver Bay Realty Trust Corp. purchased The American Home's assets for nearly $107,000 per building. The 2,460 houses are located in Florida, North Carolina and Georgia.
“The transaction will significantly expand Silver Bay's presence in Atlanta, Tampa, Charlotte and Orlando — key growth markets that exhibit strong economics and long-term rental demand,” says David Miller, Silver Bay's president and CEO, in a release.
The single-family houses, which sold for $66 per square foot, have an occupancy rate above 90%, Miller says. Average rents are $960 per month, meaning the purchase at full occupancy could create revenue as high as $28 million per year.
To close the deal, Silver Bay expanded its borrowing capacity to $400 million.
Silver Bay is a Maryland-based REIT that focuses on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Its portfolio includes properties in Florida, Arizona, California, Georgia, Nevada, North Carolina, Ohio and Texas.
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