Affordable rental home portfolio sells or $485m

Front Yard Residential Corp. has completed the acquisition of property manager HavenBrook Partners as well as the portfolio of 3,236 properties managed by HavenBrook.

Front Yard completed the acquisition of HavenBrook and the 3,236 homes managed by HavenBrook, expanding its single-family residential portfolio to approximately 15,000 homes. This transaction strengthens the company’s presence in existing strategic target markets, including Alabama, Florida, Georgia and Minnesota. The acquisition of HavenBrook provides Front Yard with an internal property manager and the opportunity to build an efficient, scalable platform that will provide its customers with excellent service and allow it to benefit from economies of scale that will enhance long-term shareholder value. The combined purchase price of the properties and the property manager was $485 million.