Building and Land Technology said Wednesday that it has completed the sale of a portfolio of more than 4,200 homes located in Florida, Illinois, Indiana, Missouri and Tennessee, including the sale of single-family rental operating platform, to Cerberus Capital Management LP. Financial terms weren’t announced.
STAMFORD, Conn.–(BUSINESS WIRE)–Building and Land Technology (BLT), a privately held, vertically integrated real estate private equity, development and property management firm, announced that it completed the sale of a portfolio of more than 4,200 homes located in Florida, Illinois, Indiana, Missouri and Tennessee, as well as the sale of its vertically integrated single-family rental operating platform, to affiliates of Cerberus Capital Management LP.
“As one of the first institutional investors to enter the single-family rental sector in 2012, we are very pleased with the outcome. This was not only a good investment for BLT and its partners, but it allowed us to be active participants in the country’s recovery from the housing crisis,” said Carl R. Kuehner, III, Chairman and CEO of BLT.
The transaction is BLT’s third portfolio sale to institutional investors and allows it to successfully exit its opportunistic investment in the single-family rental sector. During the course of its investment program BLT acquired, renovated and leased more than 7,000 homes with an aggregate value approaching $1.0 billion. This was accomplished with the help of its local teams, operating partners and its lender, Citi, which provided the debt facility to finance the portfolio.
“Our success is the direct result of the efforts of an incredible national team,” Mr. Kuehner added. “We’re particularly grateful to Citi for its pioneering effort in structuring residential debt facilities. Further, we appreciate that the buyer is a first-class organization and will continue to provide a high level of service to residents.”