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Alaskan Fund Ups Commitment to Single-Family Rental Purchases

June 19, 2014
The Alaska Permanent Fund Corp. entered into a limited liability company agreement with American Homes 4 Rent to form American Homes 4 Rent II LLC (to acquire, renovate and lease additional single-family residential properties in the United States.

The fund has an 80% capital interest in the new company with American Homes the remaining 20%. The two will initially fund the new firm with $50 million.

The maximum term of the new company is six years at which time any unsold properties will be sold.

Last month, the fund committed up to $160 million to American Homes 4 Rent to purchase additional single family homes for rent. The Permanent Fund first joined the partnership with a $400 million allocation in 2012, and made an additional allocation of $200 million later that year.

As of April 30, APFC held a $725 million stake in publicly held American Homes 4 Rent for which it paid $625 million, a $100 million gain. The fund owns 24.4% of American Homes’ outstanding Class A common shares.

American Homes 4 Rent owns approximately 25,900 homes across the U.S.

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