Ellington gets out of home rentals, sells all 900 houses for US$126m
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ELLINGTON Management Group is out of the rental-home business.
The investment firm, founded by Michael Vranos that specialises in mortgage-backed bonds, sold 900 houses to American Homes 4 Rent for about US$126 million, according to a Dec 31 statement from the real estate investment trust. That was all of Ellington's homes, said a person with knowledge of the matter, who asked not to be named because the company's strategy is private.
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