New York-based Cerberus Capital Management bought 120 single-family homes in Orange County on Monday for almost $11 million, part of a national acquisition by the company of 4,200 rental houses that will make it one of the top 10 owners in the institutional rental industry.
The sale has been months in the making, as Bloomberg News previously reported in February and June that Cerberus was working to acquire properties around the country from BLT Homes, a rental company owned by Building & Land Technology.
Ninety-three of the homes lie on Groveoak Drive, Viewpoint Court and Little Pond Court, all within the Long Lake Villas subdivision near the 6500 block of Beggs Road, northwest of Orlando in unincorporated Orange County. The rest of the 27 homes are spread throughout the county.
Bloomberg reported in June that some of the BLT homes Cerberus is acquiring are occupied by tenants with Section 8 vouchers, used with the U.S. government's housing assistance program by families that earn less than 50 percent of a metro area's median income.
Most of the homes acquired in Orange County were built between 1985 and 1995, and many are currently priced for sale around $100,000 or less on realtor.com.
Cerberus is expected to become one of the nation's 10 largest owners of rental homes, following a trend of large landlords that have bought properties following the housing crisis and built economies of scale through bulk portfolios.
Cerberus reportedly manages about $25 billion in assets, and became a landlord earlier this year when it acquired Five Ten Capital, which had more than 1,500 homes in its portfolio.
A Cerberus spokesman declined to comment Thursday for this story.