ARPI gets more home-buying firepower

|By:, SA News Editor

American Residential Properties (ARPI) gears up to buy/renovate more single-family homes, adding Citibank as a lender to its credit facility and utilizing the accordion feature to bump the size by $50M to $340M. Further increases could take it as high as $500M.

Shares are off about 20% since the May IPO as hoped-for returns in the single-family rental business aren't yet panning out.