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 BLT Homes, its single-family rental operating platform, has completed the sale of a portfolio of 1,385 homes located in North Carolina, South Carolina and Texas for $150 million to an institutional single-family rental operator and investor.
“We entered the single-family rental business in 2012 because we saw an opportunity to acquire homes at unprecedented discounts to replacement cost and operate a rental portfolio at attractive relative yields,” said Carl R. Kuehner, III, Chairman and CEO of BLT. “We also recognized an opportunity to make a difference in a housing market that offered too few options for those interested in living in a single-family home. This transaction validates our strategy and the quality of the operating company we built over the last three years.”
“We’re extremely pleased to complete this transaction with one of the top operators in the single-family rental sector and a competitor in our markets for whom we have a great deal of respect,” added Christopher Capolongo, CEO of BLT Homes and Managing Director of BLT. “We have created significant value since our initial single family acquisitions, and we believe this transaction will produce a successful result for both parties.”