AUSTIN, TX and CHRISTIANSTED, USVI—Altisource Residential Corp. (RESI) and Amherst Holdings said Wednesday afternoon they had closed on the third and final phase of an agreement for RESI to acquire as many as 3,500 single-family rentals from Amherst. Wednesday's closing involved 1,957 SFR properties that traded for an aggregate $305.1 million, bringing the total to 3,465 properties for $534.9 million.

Under the terms of the agreement announced this past March, RESI bought a fee simple interest in the properties, and Amherst-sponsored entities provided seller financing equal to 75% of the total sale price, or $401.2 million, via two separate loan agreements, each with a term of five years and a fixed interest rate of 4.0%. Amherst subsidiary Main Street Renewal LLC will remain the property manager.

“Our rental portfolio now exceeds 12,000 homes, which we believe enhances our ability to provide stable cash flows and build long-term value for our shareholders,” says RESI CEO George Ellison. Drew Flahive, president of Amherst Single Family Residential, says the consummation of the agreement “exemplifies our platform's ability to identify, acquire, renovate, lease, and ultimately deliver portfolios of professionally-managed, cash-flowing rental properties to third parties. We expect to continue to scale operations and capital commitment to the single-family residential sector to help facilitate continued institutional investment in this asset class.”