U.S. Single-Family Rental Portfolio II

16 Major Markets, 9 States

Acquired November 2022

At a Glance

The portfolio consists of 320 homes and is managed by Amherst Residential, the fourth largest investor and manager of single-family rental homes in the US.

Investment Rationale

  • Amherst Residential is a vertically integrated platform with over $8 billion in AUM and a portfolio of over 25,000 single-family homes.

  • Average home value is roughly $300k – highlighting the diversification benefits of single-family rentals. The portfolio is broadly diversified across major markets in different states with homes spread across multiple locations within these markets.

  • LaSalle’s Research & Strategy team has identified single-family rentals as a “nearcore” property sector poised for accelerating institutional capital inflows along with an attractive risk-adjusted return profile. Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages.

  • The portfolio has experienced a 70% renewal rate which compares favorably to the 50% turnover for traditional apartment renewal rates. This investment increases JLLIPT’s overall allocation to residential, a desired strategic property sector overweight.

Property Gallery