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Fri, Jun. 13, 12:55 PM
- Critical mass in limited markets is key to achieving greater economies of scale and American Residential Properties (ARPI +0.7%) - which owns 7K homes in 12 states - owns 1K+ homes in core markets like Phoenix, Houston, Dallas, and Atlanta, and plans to have 500 homes by year-end in five other markets.
- American Homes 4 Rent (AMH +0.1%) started with 49 markets, but has whittled that down to about 30, and Starwood Waypoint (SWAY -0.3%) aims for at least 1K homes in markets where it does business.
- The companies are also investing in technology to aid in things like determining how much to pay for a home to managing maintenance. Starwood has a system tracking 400K neighborhoods to figure out fair prices, and a revenue management system based on traffic and rent prices allowing it to optimize rents.
- Likely IPO candidates: Blackstone's Invitation Homes, with about 43K homes, and Colony Financial's (CLNY +2.7%) Colony American Homes with more than 8K rentals. Reven Housing (RVEN) - with 177 homes mostly in Houston - has filed with the SEC to raise up to $29M and uplist from the pink sheets.
- Related: SilverBay Realty Trust (SBY -0.6%).
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RVEN vs. ETF Alternatives
Reven Housing REIT, Inc., (RVEN) engages in the acquisition and ownership of portfolios of occupied single family rental properties in the United States. RVEN currently owns and operates SFR's in Florida, Georgia, Mississippi, Tennessee, Texas and intends to expand throughout the United States.... More
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