Markets

AG Mortgage Investment Trust Enters Single-Family Rental Business with $140 Mln Acquisition

A generic image of a person pointing to something on a tablet
Credit: Shutterstock photo

AG Mortgage Investment Trust ( MITT ) said Wednesday that it agreed to acquire a portfolio of 1,225 single-family rental homes mostly located in the southeast U.S. from funds affiliated with Connorex-Lucinda LLC for an aggregate purchase price of about $140 million.

In conjunction with the deal, AG Mortgage will finance the portfolio with about $37 million of cash on hand and about $103 million of five-year, fixed rate debt.

The transaction is expected to close in the third quarter. Upon closing, AG Mortgage will enter into a property management services agreement with Conrex, which will continue to provide property management services on the properties.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MITT

Other Topics

ETFs

Latest Markets Videos