American Residential Properties Inc. invested $204 million to acquire 1,351 single-family homes during the third quarter, increasing the number of REO-to-rent homes by 33%.
Total revenue was $11.1 million, up 32% compared to $8.4 million in the second quarter of 2013.
The company continues to focus on “building scale in key markets where the demographic, economic and employment data are favorable for the rental market, and where existing homes can be purchased below replacement value,” says Stephen Schmitz, chairman and chief executive officer, in a company release.
The firm reported it has deployed $225 million of capital during the quarter.
ARP has been able to significantly grow its portfolio of single-family homes while simultaneously raising the occupancy rate of homes owned six months or longer to 92%, from 88% at the end of the prior quarter, he added.
However, the overall occupancy rate on the total portfolio as of Sept. 30 was at approximately 75%, which is a little lower but still high.
As of Sept. 30, ARP had invested $698 million in single-family homes, which increased its aggregate investment by 43%, compared to June 30, and bringing the number of homes owned in 13 states to 5,440.
Quarter-over-quarter the number of leased properties increased 28%, which equals 880 properties.
Schmitz attributed his company’s success to its “customer-centric approach” that helps keep tenants satisfied and the occupancy rates high.
“The economics of our model are being proven by rental renewals and home price appreciation in each of our major markets,” he said.
ARP’s portfolio continues to grow. Between Oct. 1 and Oct. 31, 2013, it acquired 217 additional
