Acquisition of Beazer Pre-Owned Rental Homes by American Homes 4 Rent

2014-07-02
Published : Jul-2014

One of the biggest institutional investors in foreclosed homes, American Homes 4 Rent said that it was purchasing Beazer Pre-Owned Rental Homes, which is a smaller competitor.

American Homes 4 Rent, which owns around 25,000 homes in a few states, said that it had completed the acquisition of Beazer Pre-Owned Rental Homes which is a real estate investment trust backed by builder Beazer Homes. The Real Estate Investment Trust (REIT) which currently owns about 1,300 houses was brought by a company that was newly formed by American Homes for $5 million in cash and 8.2 million shares of American Homes. American Homes also assumed around about $112.8 million on a credit line to the Beazer REIT.

The combination of debt and stock put the value of the transaction at around $263 million.

The chief executive of American Homes, David P. Singelyn said in May that he anticipated the consolidation in the buy-to-rent industry and that American Homes had positioned itself as one of the players in the consolidation of this sector.

According to a property research company, RealtyTrac, this move toward consolidation in the business of purchasing homes to rent them out comes after institutional investors have spent over $50 billion since 2011 to buy 386,000 single-family homes across America. In the wake of the worst housing crisis in the United States in decades, institutional firms began purchasing homes at foreclosure auctions and from banks which sent home prices plunging as much as 40 percent in some markets.

Among the first companies to raise money from private investors to purchase foreclosed homes, Waypoint Real Estate Group, is quietly picking up as many as 2,000 houses in California that it acquired over the last few years.

With the acquisition of American Homes, Beazer will now have almost 27,000 homes. Beazer is the second-largest institutional buyer of single-family homes behind Blackstone, which has purchased over 45,000 homes.

In 2012, Beazer formed its single-family home REIT, a year after it began renting and purchasing foreclosed homes. Beazer started by raising over $100 million from an investor group led by an affiliate of the private equity firm K.K.R.

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