Premium Point Investments LP, a New York-based institutional asset manager, announced this week that it had acquired a majority interest in Residential Capital Management ("RCM"), an Atlanta-based landlord and property manager as the U.S. home-rental industry. Citi advised Premium Point on the transaction; terms of the deal were not disclosed.
Founded in 2010, RCM provides a combination of investment management services, including acquisitions, construction, property management, property preservation, leasing, title and disposition services. RCM has offices in Marietta, Georgia and Nashville, Tennessee plus three offices in Florida, in Orlando, Tampa and Boca Raton. As of June, RCM had acquired, renovated, and managed over 7,200 homes since it was founded.
"We see great synergies between our businesses, and significant opportunities in the single-family rental market," said Anilesh Ahuja, CEO and chief investment officer of Premium Point. "In RCM, we have a partner that is a best-in-class operator with a proven track record of investing for large institutional clients."
For Premium Point, the partnership represents an opportunity to add to its investment platform across the residential markets in a proven institutional asset class. "Some groups have focused more on home price appreciation or discount to replacement cost looking for a shift in the market," said Lance Popp, president of RCM. "People who are entering now are trying to figure out how to operate as efficiently as possible and get the most out of every asset."
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