American Homes 4 Rent has created a joint venture whose goal will be to acquire distressed residential mortgage assets throughout the country.
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AMIP was formed to manage multiple investment funds focused on the acquisition and resolution of distressed residential mortgage assets. AMIP, based in Agoura Hills, Calif., currently holds no residential mortgages and is expected to focus initially on evaluating possible acquisitions.
Personnel from both JCRI and American Homes 4 Rent, along with third-party service providers and vendors, will manage AMIP. The joint venture expects to leverage American Homes 4 Rent’s single-family property management infrastructure and national presence.
“We expect that our participation in AMIP will help assure that single-family homes we acquire through these alternative acquisition channels will meet our underwriting standards with respect to the quality of the product and expected financial returns,” said Jack Corrigan, chief operating officer at American Homes 4 Rent.
Through the end of July, American Homes 4 Rent owned 19,825 single-family properties in 22 states.
Guy Johnson, chairman and founder of the Irvine, Calif.-based real estate financing and advisory firm Johnson Capital, said he is excited to partner with American Homes 4 Rent. He believes the partnership will offer “alternatives to foreclosure such as REO-to-rental solutions that will provide attractive and affordable alternatives to homeownership for many.”
