Deals

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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By Patrick Clark

August 9, 2018 at 8:30 AM UTC

Updated on

August 9, 2018 at 2:13 PM UTC

This article is for subscribers only.

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.