New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pretium, Ares Close $2.4B Deal for Front Yard Residential
Pretium Partners LLC and funds managed by Ares Management completed their acquisition of Front Yard Residential Corp. The deal makes New York City-based Pretium the nation’s second-largest owner of single-family rentals, and represents the first take-private transaction in the SFR sector.
Don Mullen, chairman and CEO at Pretium, said, “There is significant opportunity in the SFR market and a clear sense of urgency among institutional investors to deploy capital to this asset class given record-high occupancy rates, stable cash-flow characteristics, and potential for continued capital appreciation.”
RBC Capital Markets LLC and BofA Securities were financial advisers to Pretium and Ares, respectively. Sidley Austin was M&A legal counsel; a Fried Frank team of Steven Rudgayzer, Lee S. Parks, Libin Zhang, Matthew Aldana and Christine W. Innes was
partnership legal counsel; and Hunton Andrews Kurth was special tax and financing counsel to Pretium. Latham & Watkins was Ares’ legal counsel.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
- ◦Lease
