Cerberus seeks more than $500m for rental homes

Cerberus Capital Management is seeking to raise more than $500 million to buy single-family rental homes amid surging institutional interest in the asset class, according to Bloomberg, citing people familiar with the company’s plans.

Cerberus is raising an evergreen fund without a target date for returning capital.

Cerberus, which manages its single-family properties through FirstKey Homes, owned 11,000 homes at the end 2017, making it the fifth-largest owner of rental houses.