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Tricon’s Purchase of Silver Bay: A Positive Signal for Investors in Single-Family Homes?

Tricon Capital Group, the Toronto-based investor and asset manager in residential real estate in the US and Canada, recently announced its acquisition of Silver Bay Homes.

Silver Bay Homes is residential real estate firm that buys, renovates, manages, and maintains single-family homes in the US.

The Tricon buy could be a vote of confidence for investors in single-family homes.

“The announcement yesterday that Tricon Capital Group will be acquiring Silver Bay Realty Trust (NYSE:SBY) confirms that there is a silver-lining on the single-family REIT sector,” reported Seeking Alpha magazine on March 2, 2017, “even as interest rates are expected to rise. This is an indication that there is still some upside potential in the relatively nascent business of acquiring single-family homes en masse, and renting them out.”

The Seeking Alpha article also noted that “Housing indicators show that the single-family sector still lags the apartment sector - providing more upside potential.”

Rent or Own?

The trend remains on the upswing for renters – good news for landlords and investors. “The trend towards renting, voluntary or not, has caused rental rates to spike both for apartments and single-family units,” noted the article.

“The big question is at what rent level will consumers prefer to own rather than rent? We may be approaching that point. The problem is, by the time we reach that point and banks begin to lend again to "normal" borrowers - those with decent but not stellar credit scores - home prices may be out of reach for many consumers interested in buying. While they may be choosing to rent now, they may be forced to rent later.”

Click here for the full article.

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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