Board Gives Final Approval to Single-Family Homes Strategy
The Alaska Permanent Fund Corporation Board of Trustees gave final approval to a $400 million allocation to purchase foreclosed homes at a special meeting on Tuesday via teleconference. The Board had given preliminary approval to the allocation, pending further negotiations, at its regular meeting in May.
American Homes 4 Rent LLC, which already owns 1,000 single family homes, will purchase packages of vacant homes across the U.S. and manage those homes as rental properties. The Fund, which will not purchase or directly manage any of the properties, will provide up to $400 million to American Homes 4 Rent to be used in executing this strategy.
“The Board looked over the final terms of the contract between the APFC and American Homes 4 Rent, and were satisfied that the approval they gave to this allocation in May should stand,” said Michael J. Burns, CEO. “We look forward to partnering with American Homes 4 Rent in this unique investment opportunity.”
Posted: June 27, 2012