Pretium Partners to Land $811M for SFR Portfolio
Goldman Sachs will originate the note.
Pretium Partners will secure an $810.8 million ABS note backed by 2,231 single-family rental homes clustered in 26 communities across 11 states, according to a report by Fitch Ratings. Goldman Sachs will originate the debt in the form of a five-year, fixed-rate, interest-only loan.
The loan trust equates to a distribution of about $363,432 per rental home, which is significantly above the $288,636 per unit Pretium secured in an earlier $519 million ABS deal. Wells Fargo issued that note in July, which was backed by 1,798 SFR homes.
D.R. Horton developed the properties between 2021 and 2024, while Pretium acquired them in 2023 and 2024. Nearly 90 percent of the refinanced assets were acquired two years ago—the same year that Pretium paid $1.5 billion to buy a 4,000-unit collection from the developer.
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The single-family rental homes average 1,717 square feet and are spread across 22 metros. Based on the appraised portfolio value of $814.9 million, the market with the largest share is Colorado Springs, Colo. (10.7 percent), followed by Phoenix (8.1 percent) and Asheville, N.C. (7.9 percent). Florida is the state with the highest exposure at 31.2 percent, followed by South Carolina (12.1 percent) and North Carolina (11.2 percent).
BTR occupancy improves, advertised rents stagnate
Pretium’s to-be-refinanced collection was 93.6 percent occupied as of September, 150 basis points below the national BTR average reported in Yardi Matrix’s latest report. This U.S. index improved 0.1 percent year-over-year in September.
Average advertised rental rates for U.S. BTR properties remained the same year-over-year, clocking in at $2,195 in October, the report shows. However, among property types, a clear divide emerged with Lifestyle rents going down 0.4 percent year-over-year, while Renter-by-Necessity rates ticked up 2.3 percent.
