Lack of capital makes US landlord an easy takeover target
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Los Angeles
A PIONEER in the US home-rental boom that grew out of the housing bust is becoming a takeover target.
American Residential Properties built up a portfolio of about 9,000 houses worth US$1.3 billion over seven years. Now, the Scottsdale, Arizona-based landlord is running out of options to raise money for more purchases. The company, with a market value of US$600 million, may find its best bet is to sell out to one of the bigger firms in the market, such as Blackstone Group LP's Invitation Homes or American Homes 4 Rent.
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