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Landlord Pays $485 Million in Rental-Home Deal With Pimco Fund

  • Front Yard acquires HavenBrook Partners and 3,200 rental homes
  • Marks biggest single-family-rental deal Freddie Mac has made
U.S. Existing-Home Sales Rebound Even as Inventory Remains Tight

Photographer: Jacob Kepler/Bloomberg

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Front Yard Residential Corp. acquired property manager HavenBrook Partners LLC and a portfolio of 3,200 rental homes, both majority-owned by a Pacific Investment Management Co. fund, for $485 million in a milestone for the asset class.

The purchase, facilitated by a $509 million loan through Freddie Mac, marks the biggest deal the mortgage giant has done in its single-family-rental program. The loan was originated by Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group Inc., and subsequently acquired by Freddie Mac. Front Yard, a single-family landlord, is using the acquisition to start bringing property management in-house.