American Homes Closes Purchase Of Ellington Housing Single-Family Portfolio

(RTTNews) - American Homes 4 Rent (AMH), a provider of high quality single-family homes for rent, on Wednesday said it has completed the acquisition of the Ellington Housing Single-Family Portfolio. The acquisition involves about 900 homes located in markets in Arizona, Colorado, Georgia, North Carolina, Tennessee and Texas.

"We are pleased to acquire these well-located, high-quality homes that are in our markets," said David Singelyn, Chief Executive Officer of the company. "We expect to move quickly to seamlessly integrate these homes and realize the resulting synergies as we continue to grow our business."

The company paid approximately $126 million for the portfolio, comprised of approximately $74.4 million of cash and the assumption of approximately $51.6 million of debt that matures on July 1, 2019 and bears interest at 4.055% per year.