SFR Package Pitched as Novel Net-Lease Play

Appreciation Homes has created what it says is the first single family residential net lease.

A package of single-family homes valued at roughly $200 million is being marketed as a net-lease deal, in the first such structure of scale in the residential space.

“All the big institutions we talk to are already either in the asset class in some way or have researched it,” said Stephen Satterfield, Appreciation’s chief executive. “What they haven’t seen is the ability to buy it with a BBB+ rating.… It really is a new asset class.”

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Source: Green Street

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