Pretium and Ares Management acquires Front Yard Residential
Front Yard Residential Corp., a provider of high-quality and affordable rental homes, has entered into a definitive merger agreement with a partnership led by Pretium and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corp. for $2.4 billion.
“We are excited to have reached an agreement with Pretium and Ares Management for the sale of our company, which we believe represents an outstanding, value-maximizing outcome for Front Yard stockholders,” said George Ellison, Front Yard’s chief executive officer. “Pretium has built an impressive portfolio of single-family rental homes and has developed an industry-leading platform that includes more than 40,000 homes under management. I am confident that the combination of our complementary portfolios, with increased size and scale, operating leverage and efficiencies, will deliver significant benefits to our platform and residents.”
Don Mullen, Pretium’s chairman and CEO,